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NZ Dairy Update
Last night’s GlobalDairyTrade auction resulted in prices little changed overall, with the headline index down just 0.4%. NZ's key export product, whole milk powder, fell 0.8%, although this was a smaller fall than the -2% priced by WMP futures markets yesterday. Interestingly, Chinese demand appears to have remained strong, with North Asian bidders (which dominate the auction) taking an even larger share than in the previous four auctions. We are expecting the US-China trade war and a slowdown in China to crimp Chinese demand for WMP over the remainder of this year, but there's no obvious sign of that just yet. On ... (full story)