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Global Dairy Trade auction prices rose 15 percent to a seven-year high, with the average at US$4,231 a tonne. Whole milk powder jumped 21 percent and butter rose 13.7 percent, with strong buying from North Asia.
Buyers were stocking up partly to offset Covid-related shipping delays.
Strong Chinese demand and high feed costs for corn and soymeal in China point to firm dairy prices, while the feed-cost rise adds to pressure on livestock producers. The move lifts expected farmgate milk payouts for New Zealand farmers.
en.edairynews.comDamián MoraisMar 2, 2021
rnz.co.nzTe Reo Irirangi o AotearoaMar 2, 2021After 112 past trade events, MILK moved a median -0.1% over 5 sessions (44% higher; middle half -2.3% to +2.3%), and -0.2% 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 15% GDT auction jump on March 2 (WMP +21%, butter +13.7%) with strong North Asian demand lifted global dairy price expectations and fed into US Class III futures the next session.
