2.GDT auction in March 2020: hamster purchases in the forward dates and reluctance to buy in the following months The second March 2020 auction of the Global Dairy Trade (GDT) ended for the 4th time in a row with a strong negative average result of -3 this time , 9% . A closer look reveals a hamster effect for the delivery month Apr. 2020, while the later appointments were reserved. Once again, MMP performed disproportionately poorly. In contrast, both butter fats had a plus. At 24,209 t, sales were again lower than in the pre-auctions of whole milk powder (VMP) and had to accept substantial discounts of -3.1 to -4.7% throughout the delivery months. The series of price reductions has thus continued since the beginning of February 2020. As the largest buyer, China appears to be holding back on its purchases.Skimmed milk powder (MMP) again achieved the worst result with an average value of -8.1% . The exception was the delivery month of April with an increase of 7.5%: there was obviously a need for protection for the near future. However, there was also a need for correction for the unusually high discount of -14% in the pre-auction. Nevertheless, the price level remains in the middle of the range. Butterfat got to feel the effect of the delivery month Hamster Apr.2020 with a surcharge of +8.1. In the following months, the surcharges and discounts remained in a moderate range. The reasons are the limited offer of this auction. The virus epidemic may also have played a role. Normal butter got a little less from the hamster effect with a +4.4% surcharge for delivery in April 2020. On average, the price level of the pre-auction could be maintained well. In a multi-year comparison, the course development is in the upper middle field.In view of the price slump in other international agricultural markets, this year's GDT auction was still quite moderate. The decrease in sales may have played a role. At EEX Leipzig , prices for butter and skimmed milk powder continue to tend to be weak, but remain within a comparatively manageable range.
