For the NZD traders – its dairy auction day! GDT is Tuesday, London time.

A preview of the Global Dairy Auction coming up later on 18 September 2018 

But first, the previous results:

Expectations for the auction are low indeed.

Westpac:

• The GDT dairy auction tonight is priced by ffutures to result in a 4% fall in whole milk powder prices.

ASB:

• We expect whole milk powder prices to fall by between 1% and 3% at the GlobalDairyTrade auction overnight Tuesday. A fortnight ago whole milk powder (WMP) prices fell by 2.2%. At the current juncture, futures pricing also suggests WMP prices will post another fall in the vicinity of 2%.