NZD traders - heads up for the GDT dairy auction coming up Tuesday during London time
GlobalDairyTrade (GDT) auction begins at midday in London, the results will come out in the hours following.
Dairy is a huge NZ export, traders watch the results of this auction, which is held once a fortnight (approximately).
What to expect today via ASB:
- We expect whole milk powder (WMP) prices to lift 2.0% at the GlobalDairyTrade auction overnight Tuesday. A fortnight ago WMP prices firmed 1.7%, recovering some of the lost ground from the prior auction.
- NZ and global production growth is soft and this is likely to continue to support dairy prices.