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The GDT price index rose 11.4% to US$3,327 per tonne, its sixth rise in seven auctions, led by a 19.8% jump in whole milk powder. The move followed Fonterra's forecast of a 6.8% lower 2016-17 New Zealand milk volume.
Lower New Zealand milk volumes reduce global dairy supply, pushing up dairy ingredient prices and supporting milk price expectations.
businessdesk.co.nzMargreet DietzNov 1, 2016Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
The GDT index jumped 11.4% led by a 19.8% surge in whole milk powder after Fonterra's lower supply forecast, a global dairy price signal that lifts sentiment and Class III values.
The GDT index rose 11.4% after Fonterra's lower NZ volume forecast, a global supply-driven price signal that lifted sentiment in US dairy futures.
