Market Updates

Chart of the Week

Doubt as to milk flows in New Zealand remain – but the reality is that things are getting worse…

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Chart of the Week

Much attention is being paid to the importance of non-Chinese volumes in GDT at the moment…

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China Combined Imports

China combined WMP and SMP imports Rolling 12 mths in MT Dotted red line is end of actuals, beyond that is Bridgecape estimates

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Market Update

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.

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Market Update

Chinese milk prices continue to rally recently and continue historically high relative to whole milk powder prices, especially after recent WMP declines. While milk prices would typically be expected to mean more local milk production, they have really only kept up with local feed prices, meaning margins for milk producers remain lower than historical. This should mean the ongoing need for WMP and other imports into the first half of 2022.

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