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Dairy prices edge up

Key highlights

Dairy auction edged up slightly overall, although futures prices had pointed to a flat/down outcome.
Milk powder prices edged up, cheese prices gained strongly, butter prices eased back.
Near-dated whole milk powder contract prices firmed.

Report prepared by:

Nick Tuffley, ASB Chief Economist
Phone: +64 9 301 5659
Email: nick.tuffley@asb.co.nz

Dairy auction prices continue to bounce around the floor reached in early February. In the near term price recovery is likely to remain modest, with rebalancing of supply and demand still having some way to go.

We expect globally-traded dairy prices to gradually trend up over the coming season as NZ and European production respond to the current low prices and as Chinese import demand recovers.

We continue to expect that the 2016/17 season will ultimately finish up at $6.00/kg. But we expect Fonterra’s initial forecast for the season, to be announced in May, will be closer to $5.00/kg.

Read the full PDF Report

Important Disclaimer - The views expressed herein are those of the authors and are based on information believed but not warranted to be correct. Any views or information, whilst given in good faith, are not necessarily the views of ASB Bank Limited and are given with an express disclaimer of responsibility and no right of action shall arise against any of the authors, ASB Bank Limited or its employees either directly or indirectly out of any views, advice or information.
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