Plant-based bubble bursts
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News out of Europe was more interesting than the lacklustre Global Dairy Trade auction last week, says Rabobank dairy analyst Emma Higgins.
Last week's GlobalDairyTrade result indicates China is back in the market and New Zealand supply is tightening, says Doug Steel, BNZ senior economist.
Golbal milk price recovery could be "slow and painful", with doubts now cast over when the turnaround may come in the next season.
Banks have cut their farmgate milk price forecast after another drop in the GDT price index last week, albeit minor at an overall 1.4%.
Opportunistic buyers taking advantage of low prices were probably behind last week's 3.6% overall rise in the GlobalDairyTrade (GDT), says Rabobank research analyst Emma Higgins.
Most of the major banks are predicting a drop between 4% and 8% – much higher than Fonterra's current forecast of a 2-3% fall.
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