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The GDT price index rose 8.3% last week.
Last week's whopping rise in dairy prices is encouraging, but it’s too early to pop the champagne, say analysts.
The NZ dairy season is into its second month and last week’s Global Dairy Trade (GDT) auction was the third for the 2020-21 season. There are 22 more GDT auctions planned before the season ends May 31 next year.
RaboResearch analyst Michal Harvey says the key selling season for New Zealand is still a few weeks away but Fonterra (and other exporters with GDT plus price offerings) can lock away some product at decent prices.
“But we would still be cautious about calling a sustained lift in prices. The underlying fundamentals will mean global markets will need to price in high stocks on the buy and sell side, lower dairy demand in emerging economies as incomes are negatively impacted, and growing milk pools in all key export regions.”
The GDT price index rose 8.3% - the single biggest lift in the index price since late 2016. Most notably, the whole milk powder index price jumped 14% to US$3208/tonne.
Harvey says this takes the WMP index price back to a similar level to that of the start of the year, and remarkably 5% higher than at the same time last year.
Global Dairy Trade (GDT) and Arla Foods have announced that Arla will begin offering European-sourced skim milk powder (SMP) on GDT Pulse from May 2025 as part of an extension to the GDT Pulse pilot.
A significant rise in Global Dairy Trade (GDT) auction last week has prompted one bank to lift its forecast milk price for the season to above Fonterra's mid-point.
Whole milk powder prices on Global Dairy Trade (GDT) remains above long run averages and a $10/kgMS milk price for the season remains on the card, says ASB senior economist Chris Tennent-Brown.
The first Global Dairy Trade (GDT) auction drew mixed results, with drop in powder prices and lift in butter and cheeses.
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