Friday, March 29, 2024

OMF NZ Futures Market report – September 2, 2014

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If the current WMP futures market is anything to go by you could expect WMP to be much higher on GDT tonight.  WMP Futures have moved up considerably since the last GDT on August 19th.  September is now $2900 versus $2650 two weeks ago, October is now $3050 versus $2790, November is now $3130 versus $2790 and December is now $3150 versus $2800.  This is quite a turnaround in a market that is looking at increased production this year versus last with the New Zealand season just getting underway.  As alluded to yesterday, even though volumes on GDT are higher than a year ago, the changes to the product mix especially WMP and the move up in the futures over the last two weeks suggest we could be 10% higher tonight in WMP on GDT. One thing is for sure milk remains volatile.
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We have ongoing interest in Futures right across the curve and in the October and November options.

Please note:  GDT tonight the futures market opens at 5am NZT – 3 hours earlier than normal.

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