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The Global Dairy Trade index jumped 15 percent to 1346, driven by a 21 percent rise in whole milk powder and 13.7 percent in butter. The index has risen 40 percent since November.
Analysts raised their New Zealand milk price forecasts and futures rose after the auction.
The rally resembles the 2013 market that delivered record milk prices, so farm incomes and dairy feed demand may stay firm. Milk price forecasts and futures moved up sharply in response.
farmersweekly.co.nzHugh StringlemanMar 4, 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.
Describes futures rising after the GDT auction and the 40% index gain since November, reinforcing bullish sentiment, though published a day after the move.
