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Dairy commodity prices softened across most markets in the past week. The GDT Price Index fell 3.2% at the February 21 auction, led by whole milk powder.
Fonterra lifted its season milk forecast from -7% to -5%, but January intakes were still 1.4% below the prior year.
Lower GDT results and weaker forward curves point to softer Oceania dairy export prices. Butter stays tight in Oceania, which limits the downside for that product.
farmersweekly.co.nzFederated FarmersFeb 27, 2017Not 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.
