Friday, March 29, 2024

GDT holds steady

Avatar photo
Whole milk powder jumped 2.1% at last night’s Global Dairy Trade Auction to offset drops in other commodities and hold the index steady.
Reading Time: < 1 minute

The GDT index rose 0.1% on higher volumes than previous events.

WMP prices jumped 2.1%. WMP accounts for more than half the volume sold on GDT, so this result pushed the overall index up despite the falls in prices for nearly all other commodities. 

Prices for WMP were up across nearly all contract periods, except for that to ship in October, which was down 1.4% on average. Regular grade WMP to ship in August jumped 2.7%, NZX analyst Amy Castleton said in a note.. 

North Asia bought more WMP at this event than it did at the previous event, as did the Middle East. 

Skim milk powder (SMP) eased 0.5%. 

Butter dropped 4.4% and fell across all contract periods. 

Anhydrous milkfat (AMF) fell 2.9%, losing all of the gains it had made at the May 19 GDT event. 

Prices also fell for cheddar (-5.3%) and lactose (-4.1%), but lifted for butter milk powder (+9.4%).

Total
0
Shares
People are also reading