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Global Dairy Trade prices fell 0.9 percent at the Tuesday night auction, with butter milk powder down 7.5 percent and butter down 5.4 percent. Westpac economist Nathan Penny said the result continued a sideways trend and was slightly below expectations.
New Zealand's 2020/21 production is expected to rise 2.5 percent, and Canterbury floods have damaged winter feed stocks.
A softer GDT result and expected record New Zealand output point to pressure on global powder and butter prices. Flood damage to feed supplies is a risk to the 2021/22 production outlook that could limit that pressure later.
farmonline.com.auCarlene DowieJun 2, 2021Not 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.
