OMF NZ Dairy Futures report – December 9, 2013

Milk remains firm Milk continues to remain well bid.  In the U.S. on Friday, prices were off their highs of recent days but still finished both days in the black.  Class IV remains ahead of Class III. Domestically, prices across all three NZX futures contracts remain on their highs.  December WMP settled at $5025, December SMP at $4960 and December AMF at $5300; all contracts are currently bid at their highs. We still favour a correction and recommend anyone holding profits consider taking some or all at current levels.