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Whole milk powder prices at the GDT auction reached their highest level in more than seven months, averaging US$2,265 per tonne after a 9.9% rise. The GDT price index rose 6.6%, and forward WMP contracts for September to February 2017 climbed 10% to 12%.
Analysts said global milk production is slowing.
Rising forward dairy prices and slowing global milk output point to stronger milk prices, which can increase costs for dairy-based feed ingredients.
farmersweekly.co.nzHugh StringlemanAug 4, 2016After 41 past bullish trade events, Milk (Class III) moved a median -0.1% over 5 sessions (49% higher; middle half -1.3% to +8.1%), and +1.1% 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.
WMP at a seven-month high and forward WMP contracts up 10-12% show strong price momentum and a bullish outlook that would spill into Class III futures.
WMP at a 7-month high and forward contracts up 10-12% pointed to a broad dairy price repricing that spilled over to CME milk.
