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The Global Dairy Trade auction opened 2019 with a 2.8 percent rise in the price index, with gains across all products on offer. Whole milk powder rose 1.2 percent to US$2,705 a tonne, which has the greatest bearing on Fonterra's farmgate milk price.
Rising whole milk powder prices at the auction support Fonterra's farmgate milk price outlook, though rising New Zealand production limits the gains.
en.edairynews.comDamián MoraisJan 3, 2019Not 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.
Reports on the GDT auction published Jan 3 with whole milk powder up 1.2% reinforced the bullish global demand signal as the market digested it.
