Saturday, March 30, 2024

OMF NZ Dairy Futures Market report – December 3, 2013

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All quiet ahead of GDT The market is quiet ahead of GDT.  We had December and February AMF trade this morning; up $50 & $40.  A small correction to yesterday’s report.  The 22,500 WMP in C1 and C2 is not the record seen on the GDT with 29,000 in last the last auction on C2 and C3 but it is a record for the C1 and C2.  Nevertheless, these are very high numbers and it will be interesting to see how the market reacts post tonight’s auction.  It’s really the “China Affect” that will determine the direction of this market.  Raw milk prices in China continue to rise as small scale farmers’ exit the industry.  Macquarie recently indicated that the shortage may persist for at least three years.  We still favour a short term correction to the market.  
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