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GDT down for 6th consecutive week
Wednesday, 7 July 2021
By Patty Clayton
At the latest GDT event, the overall price index fell by 3.6%, on the back of price drops for milk powders. While this was the sixth consecutive drop in prices at the auction, the overall average remains 23% up on the same time last year.
High prices and growing milk supplies, particularly from New Zealand (NZ) and the US, are likely to be driving down prices. Current forecasts suggest strong growth will continue in both regions, leading to higher exports, and the potential for further pressure on commodity pricing.
Demand from China has been strong, and has underpinned the earlier price increases. These high prices may be curbing demand from more price-sensitive markets, but it will be import demand levels from China which will remain the main driver of dairy commodity pricing through the second half of this year.
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