September 17, 2024 • 3 mins
The latest news out of the most recent GDT auction.
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Episode Transcript
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Speaker 1 (00:00):
Seven seventeen in time to talk with Global Dairy Trade
auction with Stu Davidson, Global Markets Insight Senior Manager, joins
us this morning, stud.
Speaker 2 (00:09):
Good morning, good morning. How are we getting on?
Speaker 1 (00:11):
Good mate? Fortnite? Ago we were sort of in the negative,
but I think a surprise result. Are you surprised at
the zero point eight percent rise from overnight here?
Speaker 2 (00:21):
We're a little surprised on a few fronts there. It's positive,
sort of caught us backwards, to be honest. Milk fats
up and powdered. Sorry, milk fits down and powders up
a little bit opposite to what we're expecting prior to
this auction, but positive.
Speaker 1 (00:34):
Nonetheless, So what do you put it down to?
Speaker 2 (00:38):
Well, I'll tell you there's a lot going on in
the background here. So European European milk supply being impacted
by a blue tongue disease, so cattle disease. That's helping
to drive global prices higher. But we're also coming up
against a bit of resistance from buyers as well. We'll
get into that sort of price ranges that buyers are
starting to look at a little bit with a bit
more resistance and so we're starting to hit those points
(00:59):
as well. Think that drives a lot of the milk
fat value result another one too, you know, skim milk
padd all the things that happened in Europe, they've done
really well, whereas the New Zealand market's been a little
bit more impacted by the Oceania Asia deal and trade
through so two things happening within that side of the
world market is creating this sort of result.
Speaker 1 (01:20):
It's quite a little bit confusing in a way. Really
has was there much interest from China?
Speaker 2 (01:25):
Well that's this adds the confusion here. So China was
again the biggest buyer and they bought just over half
of the total auction. They bought the biggest chunk of
homwork powder, they brought the biggest chunk of butter. Again,
they were in there for a lot of it, and
they were helping to sort of beat the big buyer,
but they weren't really pushing prices substantially higher. So they're
there or thereabouts, They're just not driving the horse like
(01:47):
we used to seeing them.
Speaker 1 (01:49):
I guess, you know, if you've got a plus, that's
always you know, a bonus, really, isn't it.
Speaker 2 (01:54):
Well, exactly right. It's pretty hard to be negative when
you've seen hompowder, a big one from New Zealand, punching
one point five percent higher, especially when a few of us,
me especially, have been a little bit to skeptical on
how much higher we can go from these prices, but
again happy to be proven wrong.
Speaker 1 (02:11):
Do you think the next one will be a plus
as well?
Speaker 2 (02:15):
Well? With this is a question, right we have. We've
seen a lot of volume go through, especially to China.
We've seen prices get into realms, starting to move away
from long term averages, so we're in a place where
buyers might be a little bit more hesitant, and we're
also offering large volumes. In October is the peak milk
production for New Zealand, and that coincides with the volumes
for sale on GDT too, So if I was going
(02:37):
to put a safe bet and split between the two options,
I would say we're somewhere in the middle. But this
time of the year we tend to see prices go down,
but again more than happy to be wrong and see
how much power prices go higher.
Speaker 1 (02:49):
Obviously, what happens in a fortnite haste too nice to catch.
Speaker 2 (02:51):
Up, mate, Thanks for having me mate.
Speaker 1 (02:53):
There we go, so point eight percent. It's a plus
up point eight percent. If you look at some of
the individual products minus or one point two, that's a
droguls milk fat also down as butter at minus one
point seven. Butter milk powders no result. They're cheddar plus
two point nine, lactose three point five percent plus mozzarella
(03:14):
four point five up its positive, skim milk powders do
you mentioned plus two point two and a whole milt
milk powder plus one point five percent. So overall pretty
pleasing result really seven twenty one Goal Sport and the
Country Sport Breakfast
Seven seventeen in time to talk with Global Dairy Trade
auction with Stu Davidson, Global Markets Insight Senior Manager, joins
us this morning, stud.
Speaker 2 (00:09):
Good morning, good morning. How are we getting on?
Speaker 1 (00:11):
Good mate? Fortnite? Ago we were sort of in the negative,
but I think a surprise result. Are you surprised at
the zero point eight percent rise from overnight here?
Speaker 2 (00:21):
We're a little surprised on a few fronts there. It's positive,
sort of caught us backwards, to be honest. Milk fats
up and powdered. Sorry, milk fits down and powders up
a little bit opposite to what we're expecting prior to
this auction, but positive.
Speaker 1 (00:34):
Nonetheless, So what do you put it down to?
Speaker 2 (00:38):
Well, I'll tell you there's a lot going on in
the background here. So European European milk supply being impacted
by a blue tongue disease, so cattle disease. That's helping
to drive global prices higher. But we're also coming up
against a bit of resistance from buyers as well. We'll
get into that sort of price ranges that buyers are
starting to look at a little bit with a bit
more resistance and so we're starting to hit those points
(00:59):
as well. Think that drives a lot of the milk
fat value result another one too, you know, skim milk
padd all the things that happened in Europe, they've done
really well, whereas the New Zealand market's been a little
bit more impacted by the Oceania Asia deal and trade
through so two things happening within that side of the
world market is creating this sort of result.
Speaker 1 (01:20):
It's quite a little bit confusing in a way. Really
has was there much interest from China?
Speaker 2 (01:25):
Well that's this adds the confusion here. So China was
again the biggest buyer and they bought just over half
of the total auction. They bought the biggest chunk of
homwork powder, they brought the biggest chunk of butter. Again,
they were in there for a lot of it, and
they were helping to sort of beat the big buyer,
but they weren't really pushing prices substantially higher. So they're
there or thereabouts, They're just not driving the horse like
(01:47):
we used to seeing them.
Speaker 1 (01:49):
I guess, you know, if you've got a plus, that's
always you know, a bonus, really, isn't it.
Speaker 2 (01:54):
Well, exactly right. It's pretty hard to be negative when
you've seen hompowder, a big one from New Zealand, punching
one point five percent higher, especially when a few of us,
me especially, have been a little bit to skeptical on
how much higher we can go from these prices, but
again happy to be proven wrong.
Speaker 1 (02:11):
Do you think the next one will be a plus
as well?
Speaker 2 (02:15):
Well? With this is a question, right we have. We've
seen a lot of volume go through, especially to China.
We've seen prices get into realms, starting to move away
from long term averages, so we're in a place where
buyers might be a little bit more hesitant, and we're
also offering large volumes. In October is the peak milk
production for New Zealand, and that coincides with the volumes
for sale on GDT too, So if I was going
(02:37):
to put a safe bet and split between the two options,
I would say we're somewhere in the middle. But this
time of the year we tend to see prices go down,
but again more than happy to be wrong and see
how much power prices go higher.
Speaker 1 (02:49):
Obviously, what happens in a fortnite haste too nice to catch.
Speaker 2 (02:51):
Up, mate, Thanks for having me mate.
Speaker 1 (02:53):
There we go, so point eight percent. It's a plus
up point eight percent. If you look at some of
the individual products minus or one point two, that's a
droguls milk fat also down as butter at minus one
point seven. Butter milk powders no result. They're cheddar plus
two point nine, lactose three point five percent plus mozzarella
(03:14):
four point five up its positive, skim milk powders do
you mentioned plus two point two and a whole milt
milk powder plus one point five percent. So overall pretty
pleasing result really seven twenty one Goal Sport and the
Country Sport Breakfast
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