A total of 24,474t of product was sold overnight. The average volume sold over the previous 25 auctions (12 month period) was 29,076t.
Participating bidders were down overnight with 144, a drop of 12 from the auction before. Winning bidders was up on the auction before at 124 from 115.
The auction lasted for 11 rounds over one hour and 40 minutes.
Whole milk powder (WMP), New Zealand's main export commodity, followed suit from the NZX Dairy Futures yesterday and dropped below US$2000/t with a decline of 10.4%. The Februray WMP futures contract dropped to US$1980/t yesterday and the average winning price for WMP on GDT was US$1952/t.
The outlook for WMP doesn't look promising, Amy Van Ossenbruggen, NZX dairy analyst said.
All other products sold on GDT took a hit. Butter fell 8.3% to an average winning price os US$2905/t, skimmed milk powder fell 2.2% to US$1792/t, anhydrous milkfat fell 6.6% to US$3486/t, cheddar fell 4.2% to US$2807/t, lactose fell 2.6% to US$577/t, butter milk powder fell 6.7% to US$1513/t and rennet casein fell 3.7% to US$4362/t.
