As reported yesterday, the main story in GDT is the continued removal of volume from the auction. Fonterra has revised its 12-month GDT volume forecast down 13,064MT to 961,756MT. The reduction largely reflects a reduction in WMP and AMF on offer, and a change in product mix with SMP volumes set to increase by 7.2%
We watch with interest in tonight’s result and maintain the view that the market is due for a bounce.
