Here is a great review of the latest GDT from our Brian Cloughley:
The overnight GDT auction price saw a 13.1% fall in WMP prices. However, volumes are low (2.1% of the total to be sold on GDT this year) and the impact on Fonterra’s Milk Price forecast is only $0.02/kgms.
Year to date, only 7.1% of the WMP volume to be sold on GDT has been put up and sold. To reiterate, the Aug-Dec sales window is the key to the level of this season’s Milk Price.