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In the 15th week, dairy futures market | Auction increment New Zealand milk powder fell, and it was difficult to cut interest rates until U.S. butter fell

author：Dairy Online
In the 15th week, dairy futures market | Auction increment New Zealand milk powder fell, and it was difficult to cut interest rates until U.S. butter fell

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1. New Zealand Futures Exchange (USD/ton)

In the 15th week, dairy futures market | Auction increment New Zealand milk powder fell, and it was difficult to cut interest rates until U.S. butter fell

New Zealand's whole milk powder auction incremental forecast was released, which suppressed the price of milk powder in futures. 2. Chicago Board of Trade (Currency: USD)

In the 15th week, dairy futures market | Auction increment New Zealand milk powder fell, and it was difficult to cut interest rates until U.S. butter fell

The expectation of interest rate cuts has been delayed, and the butter, which has just hit a new high, has turned around and fallen.

3. European Commodity Futures Exchange (EUR/ton)

In the 15th week, dairy futures market | Auction increment New Zealand milk powder fell, and it was difficult to cut interest rates until U.S. butter fell

The European season was colder and later than usual, resulting in prices remaining stronger in the near month, but softer in the far months.

Spot prices for major industrial cheese varieties in Europe (Ex-works, EUR/tonne)

In the 15th week, dairy futures market | Auction increment New Zealand milk powder fell, and it was difficult to cut interest rates until U.S. butter fell

Cheese prices in Europe rose slightly, little changed. 4. Comparison of spot product prices in major markets (USD/ton)

In the 15th week, dairy futures market | Auction increment New Zealand milk powder fell, and it was difficult to cut interest rates until U.S. butter fell

Cheese prices in the United States have hit their lowest level in recent years.

5. Overview

Although New Zealand has carefully added whole milk powder to the auction for the next season in order to stabilize prices in the 23/24 season, the blow to market confidence is still obvious, and the recent domestic milk supply tragedy will reduce the overall expectations of this auction.

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