Its GlobalDairyTrade auction day again. Dunno why the no spaces, buts that how it is.

GDT prior results (the most recent was no change in the index):

Forecasts I have seen for today's result is much the same, 0 to 1% price change sort of range.

ASB have previewed the auction:

  • We expect prices to be largely unchanged at the GlobalDairyTrade auction overnight Tuesday. A fortnight ago whole milk powder (WMP) prices were also effectively unchanged (up 0.1%). At the current juncture, futures pricing suggests WMP prices will rise by around 1%. However, we are more circumspect than the futures market as we anticipate that the market is likely to remain nervous. In particular, key Chinese buyers are likely to remain hesitant given the escalating US-China trade tensions and the recent weakness in the yuan.

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A poor result would be a negative input for the NZD. A good result though … turn that frown upside down!