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The New Zealand Global Dairy Trade (GDT) auction has concluded 2023 on a positive footing, with a 2.3% increase in the index price bringing it to 1,025 – its highest value since March 2023.
The GDT has now recorded six positive auctions from the last eight events, going back to September.
Optimistic
At last Thursday’s Winter Fair, the recent sustained upward trend in commodity prices meant processor representatives were reasonably optimistic about milk prices into the first half of 2024.
However, most of that optimism is due to contracting milk supplies within NI and across Europe.
Statistics published by DAERA show 180.67m litres was produced by NI farmers in October, down 2m litres on the same month in 2022.
Based on current trends, NI production is likely to be marginally down by around 5m litres this year.
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