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GDT prices at the first May auction were steady overall, with the index down 0.8%, whole and skim milk powder up slightly, butter down 5.8% and cheddar down 6.8%. Oceania products carry large premiums over EU and US prices.
Falling butter and cheddar prices at GDT point to global oversupply and soft export demand, while NZ's price premium supports Oceania's export position.
farmersweekly.co.nzHugh StringlemanMay 6, 2020Not 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.
