It’s the correction we have to have however and whilst it’s hard to call exactly what GDT will do, it does look like prices will ease from here. It’s definitely technical in our view and given dairy prices are so volatile it’s no surprise whatsoever. The reality is that fundamentals haven’t changed, and whilst recent economic numbers out of China suggest slower growth and current rains in California are doing their best to quench an arid State, we don’t see the pressure from these two fundamentals easing. People have to eat and if they need to tighten belts they’ll do it away from the table. The Californian rains whilst breaking records in places are too little too late. Buy the dips, especially down the back of the curve.
