Thursday, March 28, 2024

HighGround Dairy GDT Analysis, Trading Event 109

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Though the chatter at last week’s International Dairy Foods Association (IDFA) Annual Dairy Forum in California seemed to favor the long-term bulls, by the end of the week there seemed to be a growing sense that a downward correction was coming on the GDT auction.   
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A last minute increase in Fonterra’s volume forecast, increased offerings of US NFDM both on and off the Chicago Mercantile Exchange and the Chinese New Year holiday led us to believe the major commodities were poised for weakness. But with slight price strength in WMP, Fonterra SMP, butter and only slight weakness on the other commodities, another record was set for the average winning price ($5,042MT, $2.29/lb) and we view this week’s GDT results to be bullish versus expectations. 

 

 

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