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The Global Dairy Trade index fell 1.6% as butter, anhydrous milk fat and cheddar declined, while whole milk powder and butter milk powder rose. The index has held near 1080 for three months after trading in a 950 to 1100 range for most of the past nine months.
Fonterra said supply and demand remain in balance among major exporters.
A stable index with balanced supply suggests no strong directional move in global dairy prices, leaving milk fundamentals neutral for now.
farmersweekly.co.nzHugh StringlemanAug 3, 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.
