Wednesday, 17th March, 2021

It’s a packed calendar for events this week, with a number of key developments we’ll be watching out for. First up, it’s a big week for dairy markets, with Tuesday night’s Global Dairy Trade auction set to be one of the most closely watched such events in a long time. At the last auction, prices lifted through the roof with whole milk powder up an astonishing 21% on the previous auction. A bit of moderation might be on the cards at this auction, with Fonterra lifting the volumes on offer, but we expect dairy prices to remain supported, with growing Chinese demand continuing to outstrip supply. Keep an eye out for an update on our milk price outlook for the season post-auction.