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Dairy prices were below expectations at last week’s Global Dairy Trade (GDT) auction, largely due to fat prices.
ASB bumped up its this season milk price forecast by 50c to $7.50/kgMS after last week’s 1.7% rise in the Global Dairy Trade.
Powders led the way for the 3.7% jump in the Global Dairy Trade last week with economists now looking at an upside to current milk price forecasts.
The latest survey of farmer confidence from Federated Farmers does not make pretty reading, says BNZ senior economic Doug Steel.
But it's not all doom and gloom.
Economists are still sticking to a 2019/20 season forecast of around $7/kgMS despite the 3.8% drop in the Global Dairy Trade overall price index last week.
Was last week’s 3.4% drop in the Global Dairy Trade overall price index a warning sign or a temporary dip? Economists are divided.
The Global Dairy Trade (GDT) price index rose just 0.4% last week, but positive indicators will maintain market optimism for the new season, says BNZ senior economist Doug Steel.