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GlobalDairyTrade auction results and milk price forecast update: The worst may be behind us
On the back of recent global dairy price lifts, we have shifted our 2023/24 milk price forecast up to $7.25/kg. That said, we remain relatively cautious. The worst of this milk price cycle may be behind us. However, demand in our largest market (China) remains weak and recovery some time away. We also note that at this milk price level, many farmers will still be in the red. In that sense, we are not out of the woods. Auction results, 18 October. Dairy auction prices rose for the fourth successive auction overnight. Overall prices and key whole milk powder (WMP) prices posted solid gains of 4.3% and 4.2%, ... (full story)