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Rabobank forecasts dairy prices to keep trending downward in Q1 2023 as Chinese import demand is absent amid expected domestic destocking. Renewed Chinese buying is expected from Q2 2023, and the January WASDE cut 2023 US dairy price projections across milk classes.
Weak Chinese import demand and lower USDA price projections reduce dairy prices and farm margins, which may limit US dairy expansion. A recovery in Chinese buying from Q2 would provide later support for global dairy markets.
foodagribusiness.worldRené Groeneveld2 feb 2023Na 49 eerdere neerwaarts handel-gebeurtenissen bewoog Melk (Class III) zich mediaan -0,3% over 5 sessies (39% hoger; middelste helft -4,7% tot +1,5%), en -0,4% over 20.
Bewegingen van de benchmark van elke grondstof sinds de laatste slotkoers vóór de gebeurtenis. Historische waarden bundelen eerdere gebeurtenissen van hetzelfde soort; ze beschrijven wat er gebeurde, niet wat zal gebeuren. Geen beleggingsadvies.
Rabobank's call for weak Chinese import demand in Q1 and WASDE cuts to 2023 US dairy price forecasts weighed on demand expectations and sentiment, pressuring Class III futures.
