As of September 3, 2021 – The following market update was provided by Bridgecape Commodities.
Fonterra announced another cut to GDT volumes Thursday night, removing 10% from October and November volumes and 5% from December. These take the total volume removed from GDT since June to around 60,000mt or 30% of September to December availability. Fonterra again commented that it is seeing excellent demand outside of GDT, hence why they made the cuts. These cuts, a signal of the ongoing strength of demand being shown by large end users, plus the rally in SMP prices, seem to have improved sentiment for dairy buyers globally.
WMP GDT forecast evolution