NZD traders - heads up for the GDT dairy auction due during London time Tuesday

Results should begin to trickle in from around midday GMT on 4 December 2018

Prices have been on the slide for a while now, responding to a jump in supply

All recent results have seen price falls

What for this auction? This via ASB:

• We expect whole milk powder prices to fall by around 1% at the GlobalDairyTrade auction overnight Tuesday.
• A fortnight ago, whole milk powder (WMP) prices fell by 1.8%. At the current juncture, futures pricing suggests WMP prices will post a modest rise in the vicinity of 2%.
• However, futures pricing has been a poor predictor of auction results at recent auctions. Instead, strong NZ production, including record high production over October, has led prices lower. And with strong production momentum, we expect prices to continue to trend lower at this auction.