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The GDT price index rose 1.2% at the latest auction, below futures estimates, with AMF, butter and WMP gaining and cheddar falling most. North Asian buying, including China, was weaker than a year earlier, while US spot dairy was mixed, with cheese buyers holding off below $1.50.
Weak North Asian demand and cheese sell-side pressure limit dairy price gains, though firming butter and WMP offer some support.
stonex.comDairy TeamJan 3, 2024After 18 past neutral trade events, Milk (Class III) moved a median -0.4% over 5 sessions (39% higher; middle half -2.9% to +1.1%), and -3.0% 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.
The GDT rise came in below futures estimates, North Asian and Chinese buying was weaker than a year earlier, and US cheese buyers held off below $1.50, all of which point to soft demand and bearish sentiment just before the drop.
