GlobalDairyTrade (GDT) auction begins at midday in London, the results will come out in the hours following.
Recent auction results:
ASB on what to expect:
- We expect whole milk powder prices to fall 2% at the GlobalDairyTrade auction overnight Tuesday. A fortnight ago, whole milk powder (WMP) prices fell by 2.1%. At the current juncture, futures pricing points to a fall of around 1%.
- With prices relatively high, it appears that buyers are sitting on their hands and waiting for the spring lift in NZ production. This situation is leading prices to drift lower. However, we anticipate that markets are likely to be disappointed as we expect NZ spring production to undershoot production levels from a year ago
