{"id":56293,"date":"2023-01-19T10:00:28","date_gmt":"2023-01-18T21:00:28","guid":{"rendered":"https:\/\/www.farmersweekly.co.nz\/?p=56293"},"modified":"2023-01-19T10:00:30","modified_gmt":"2023-01-18T21:00:30","slug":"gdt-rests-before-chinas-renewed-demand","status":"publish","type":"post","link":"https:\/\/www.farmersweekly.co.nz\/markets\/gdt-rests-before-chinas-renewed-demand\/","title":{"rendered":"GDT rests before China\u2019s renewed demand"},"content":{"rendered":"<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">&lt; 1<\/span> <span class=\"rt-label rt-postfix\">minute<\/span><\/span>\n<p>World dairy prices stayed in place in the latest Global Dairy Trade auction, but experienced forecaster Nathan Penny believes China\u2019s economic recovery will lead to a swift rebound in dairy demand.<\/p>\n\n\n\n<p>Westpac senior agri economist Penny said the abrupt end to China\u2019s covid restrictions had set consumers free to move about, particularly to restaurants and cafes.<\/p>\n\n\n\n<p>\u201cAfter losing 2.9% over January as a whole, we expect GDP prices to rebound over the next month or two.<\/p>\n\n\n\n<p>\u201cThe Lunar New Year and existing stock levels may muddy the waters in the short term, but beyond that we expect underlying Chinese demand to lift.<\/p>\n\n\n\n<p>\u201cWith that in mind, from around late February or early March we should have a clearer indication of whether our view holds either way.\u201d<\/p>\n\n\n\n<p>The Global Dairy Trade price index fell 0.1% in the second January auction, following minus 2.8% on January 3.<\/p>\n\n\n\n<p>Cheddar jumped 4% and whole milk powder prices were up 0.1%.<\/p>\n\n\n\n<p>Prices fell for the other three products offered: anhydrous milk fat down 0.9%, butter down 0.6% and skim milk powder down 0.3%.<\/p>\n\n\n\n<p>NZX dairy analyst Amy Castleton said the latest GDT was a lack-lustre affair with very little movement in prices compared with the previous auction.<\/p>\n\n\n\n<p>\u201cNo-one is sure if China will show up much on the demand front and I am not sure this auction clarified that much.<\/p>\n\n\n\n<p>\u201cIt is Lunar New Year so some of the buyers may have been on holiday.<\/p>\n\n\n\n<p>\u201cThe dairy market doesn\u2019t have much direction at present and it will take time (and a bit more data) for that direction to be evident.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The latest GDT was a lack-lustre affair, with very little movement in prices compared with the previous auction.\n","protected":false},"author":22,"featured_media":33423,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[2],"tags":[28,55,97],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 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16:36:52","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category"},"_links":{"self":[{"href":"https:\/\/www.farmersweekly.co.nz\/wp-json\/wp\/v2\/posts\/56293"}],"collection":[{"href":"https:\/\/www.farmersweekly.co.nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.farmersweekly.co.nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.farmersweekly.co.nz\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/www.farmersweekly.co.nz\/wp-json\/wp\/v2\/comments?post=56293"}],"version-history":[{"count":0,"href":"https:\/\/www.farmersweekly.co.nz\/wp-json\/wp\/v2\/posts\/56293\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.farmersweekly.co.nz\/wp-json\/wp\/v2\/media\/33423"}],"wp:attachment":[{"href":"https:\/\/www.farmersweekly.co.nz\/wp-json\/wp\/v2\/media?parent=56293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.farmersweekly.co.nz\/wp-json\/wp\/v2\/categories?post=56293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.farmersweekly.co.nz\/wp-json\/wp\/v2\/tags?post=56293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}