NZD traders - heads up for the dairy auction due soon (London midday on Tuesday)

GlobalDairyTrade (GDT) auction begins at midday in London, the results will come out in the hours following.

I posted a look at recent auction results and a quick preview at this link here:

• NZD traders - heads up for the GDT dairy auction coming up Tuesday, London time

Adding in some info via ANZ on what to expect:

• Futures markets have traded up since the previous GDT event but it is still not clear whether this will be the event where we will see the recent downward pricing trend readdressed.
• The volumes offered by Fonterra at this event are as previously forecast, with milk powder volumes unchanged from the previous event, so no surprises there. The quantity of product on offer does increase from here on but buyer demand is also expected to lift.
• The market is finely balanced so it is not a given that the GDT Price Index will improve by the 0.5% we have forecast.