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The GDT Price Index rose 2.2% at the first auction of 2018, led by a 4.2% gain in whole milk powder prices. Fonterra cut its 2017-18 NZ milk intake forecast by about 4% due to dry pasture conditions and reduced WMP volumes offered for sale.
Dry conditions reducing New Zealand milk supply tighten global powder availability and lift export prices. The gain was smaller than the 6% some traders expected, so the rally may be limited.
farmersweekly.co.nzAnnette ScottJan 2, 2018After 32 past bullish weather events, Milk (Class III) moved a median +0.1% over 5 sessions (50% higher; middle half -0.7% to +3.4%), and +3.2% over 20.
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.
