Dairy markets: unsettled WMP futures point to GDT losses
April, May and June contracts for whole milk powder (WMP) have been unsettled over the last week, leading to uncertainty as to what direction prices will move at Tuesday’s global dairy trade (GDT) event.
At the close of trade in New Zealand markets (NZX) last Wednesday, futures prices for WMP had recorded a 5% rise in price from the weekend prior, which marked the largest price rise for WMP in over a month. By the following Monday, however, prices had returned to what they were for the same day of the previous week.
Overall, this resulted in a rather unsettled ...