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Positive result at latest GDT auction
Thursday, 8 September 2022
After five consecutive downward moves, the latest GDT auction saw the overall price index increase by 4.9%. The main influence was the 5.1% increase in the WMP price index, where the majority of trade occurred, although all prices moved up with the exception of buttermilk powder.
The upturn at the latest GDT auction provides a sign some demand for the final quarter of the year remains unfulfilled. The general pattern of higher prices for contracts with delivery in the first quarter of 2023 suggest there may also be some concern over availability after the southern hemisphere’s peak production period.
Global milk supplies have been shrinking since September 2021, and they are not forecast to improve this season. The latest Rabobank quarterly report highlights that while there is a weaker outlook for demand for the final quarter of 2022, the lack of milk supply growth and tight product supplies will underpin commodity prices to some extent.
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