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10 August, Dairy Comment

Another week of lower prices on the global dairy market.

Last week's global GDT auction was sharply lower, WMP prices were down 6%, with SMP prices down 5%.

The outlook for demand from China continues to look slow. Domestic fluid milk production has grown 8.5% y.o.y and consumption has not fully recovered from the Covid lock downs. China does not have a duty free quota for 2023- so the support we normally see from China in Q4 could be less than the market expects.

Pasture conditions in NZ have improved with timely rainfall on the north island.

It is difficult to see any further steps on current pool prices.


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