Wednesday, April 24, 2024

GDT prices confirm the upward trend

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Global Dairy Trade prices rose by 1% in the latest auction, following the trend-setting 4% rise earlier in September. NZX dairy analyst Stu Davison says the latest results solidified the market direction while confirming that dairy products are in hot demand.
China’s total imports of dairy are 20.3% lower at the end of September, compared to the same period the year prior.
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Global Dairy Trade prices rose by 1% in the latest auction, following the trend-setting 4% rise earlier in September.

NZX dairy analyst Stu Davison says the latest results solidified the market direction while confirming that dairy products are in hot demand.

SouthEast Asian buyers were to the fore and the changing dynamic is now easy to see, with China still participating but under pressure from elsewhere.

“African buyers remain strongly in the game, which is a strong indication that the buyers that would usually be more price sensitive are willing to pay the price to secure product,” Davison said.

“These African buyers would normally secure their needs out of Europe.

“On the whole, this auction confirms that the dairy market is still out of balance and that strong demand remains in play.”

Whole milk powder prices rose 2.2% and skim milk powder was up 0.9%.

In the milk fat categories, butter was down 1.9% and anhydrous milk fat prices remained steady on the previous event.

Cheddar was down 1.2% and lactose up 1.3%.

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