# Early Morning Update - January 3, 2024

> 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.

- Date: 2024-01-03 · published 2024-01-03T12:00:00.000Z
- Category: trade · region Global · magnitude low
- Page: https://feedsoft.ai/events/5898-early-morning-update-january-3-2024
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Weak North Asian demand and cheese sell-side pressure limit dairy price gains, though firming butter and WMP offer some support.

## Read by commodity

- MILK: neutral

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| MILK | 2024-01-04 | 1 | -5.0% | -5.7 | 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. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| MILK | 2025-04-15 | [Dairy Market Update March 2025 \| MCT Dairies, Inc.](https://feedsoft.ai/events/25127-dairy-market-update-march-2025-mct-dairies-inc.md) | +0.8% | +7.1% |
| MILK | 2019-11-10 | [Global Dairy Commodity Update – November 2019 - Maxum Foods](https://feedsoft.ai/events/56066-global-dairy-commodity-update-november-2019-maxum-foods.md) | +1.1% | -2.9% |
| MILK | 2021-01-01 | [Dairy Marketplace Outlook for 2021 - Purdue Ag Econ Report](https://feedsoft.ai/events/49653-dairy-marketplace-outlook-for-2021-purdue-ag-econ-report.md) | +5.7% | +2.0% |
| MILK | 2021-07-30 | [U.S. Ag Groups Ask For More Trade Reforms - EDairy News English](https://feedsoft.ai/events/46059-u-s-ag-groups-ask-for-more-trade-reforms-edairy-news-english.md) | -2.4% | -3.0% |
| MILK | 2018-06-12 | [Canadian dairy sector skimming global exports, U.S. complains - AgCanada](https://feedsoft.ai/events/64636-canadian-dairy-sector-skimming-global-exports-u-s-complains-agcanada.md) | -0.6% | -8.1% |

## Sources

- stonex.com: https://www.stonex.com/en/insights/early-morning-update-january-3-2024/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.