Weak Auction Casts Pall Over Dairy Price Outlook -- Market Talk

Dow Jones03-20

2152 GMT - Another pullback in dairy prices has Westpac questioning whether the outlook for this season and the following one may be too high. The benchmark GDT Price Index fell by 2.8% in the latest auction, with whole milk powder down 4.2% and skim milk powder declining by 4.8%. In a note, economist Kelly Eckhold said the auction outcome was notably weaker than prior expectations and futures market trends. Westpac highlights that whole milk powder prices are now down 8.6% from a peak in early February. "This suggests some modest downside risk to our NZ$7.90 current season estimate but is more relevant for next season's NZ$8.40 estimate should these weaker trends persist," Westpac says. New Zealand is the world's largest dairy exporter. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

March 19, 2024 17:52 ET (21:52 GMT)

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The benchmark GDT Price Index fell by 2.8% in the latest ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7141","symbol_name":"包装食品与肉类","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2420781967","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2420781967","pubTimestamp":1710885120,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"2152 GMT - Another pullback in dairy prices has Westpac questioning whether the outlook for this season and the following one may be too high. 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