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At the January 3, 2023 global dairy auction, the average price fell 2.8% to US$3,365 a tonne, and wholemilk powder dropped 1.4% to US$3,208. Prices have declined since peaking in March 2022 amid oversupply and weaker demand.
Weaker global dairy auction prices reduce returns for exporters and pressure milk prices, with demand softened by inflation and interest rates. This points to continued bearish dairy market conditions.
rnz.co.nzTe Reo Irirangi o AotearoaJan 3, 2023Not 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 2.8% GDT price drop on Jan 3 signaled weaker global dairy demand and oversupply, weighing on US dairy sentiment and export-linked prices.
