GDT average bounces up 5.9% in two weeks
Posted on: 09/02/18
This week’s GDT auction produced the third consecutive rise this year and the largest increase since November 2016 to average US$3553 tonne, an increase of 5.9%.
WMP was up 7.6%, it’s highest average for 8 months, with SMP up 7.2%, however, note due to the drought in New Zealand volumes on offer were once again down, this time by 5% when 22,197 tonnes were sold.
New Zealand analysts are warning that this recover might continue for the next auction on 20th February but it’s likely to correct itself in March and will be lucky if recent gains can be sustained. New Zealand milk production is estimated to be down 1.5% in this dairy year.
Notable movers:
Butter +7.9% to average US$5277 tonne
WMP +7.6% to average US$3226 tonne
SMP +7.2% to average US$1932 tonne
Cheddar +7.2% to average US$3739 tonne