Covid restrictions in China are likely to slightly dampen milk powder imports into that country, according to Stefan Vogel, Rabobank research general manager for Australia and New Zealand.
In the overnight Global Dairy Trade (GDT) auction, WMP prices rose 0.6% to $4008/MT.
WMP prices have never floated above the $4000/MT mark in the last five years- bar three months earlier this year. In March this year, prices shot up a whopping 21% to $4364/MT before settling below $4000 by mid-June.
All products offered on GDT auction overnight recorded price increases. The GDT price index rose 1.4%.
AMF index up 3.0%, average price US$6,668/MT
Butter index up 4.6%, average price US$5,791/MT
BMP index up 2.9%, average price US$3,620/MT
Ched index up 1.0%, average price US$5,220/MT
LAC index up 3.5%, average price US$1,339/MT
SMP index up 1.3%, average price US$3,721/MT
SWP index not available, average price not available
WMP index up 0.6%, average price US$4,008/MT