Recent results from the auction in the pic:
The final GlobalDairyTrade auction of the year
There is little in the way of a clear trend across products, results are expected to be mixed. Factors:
- Threat of drought in New Zealand (will act to push up prices for whole milk powder
- Large supply of skim milk powder in Europe
December NZX trading on whole milk powder futures indicate traders expect the price to rise around 2.8% percent at tonight's auction (Skim Milk Powder is looking at a fall though)
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Just another couple of dairy-related points for the kiwi trading people:
- Fonterra Co-op reduced its forecast Farmgate Milk Price for the 2017/18 season from $6.75 to $6.40 per kgMS yesterday ... a key influence is the decline in price for Whole Milk Powder (is down nearly 10% since 1 August this year)
- NZX plans to extend trading hours for dairy derivatives market from July 2018 plan is for the market will stay open until 10pm NZ time (from a current close at 4pm NZ time)
