NZD traders - heads up for the GDT dairy auction due today (Wednesday, London time)

The first Global Dairy Trade auction for 2019 is on 2 January, from midday GMT

The most recent results from the auction have been a more positive input for the NZ dollar, following a long string of negatives:

I haven't seen much in the way of expectations for this auction, but for (in a nutshell) general background:

  • global milk production expansion in 2019 will face constraints from:
  • herd numbers falling in in Australia, Europe and the US
  • New Zealand production to be impacted by land use (competition from other users) and resource constraints
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