First GDT auction in June 2020 claimed average result of the pre-auction. The first June 2020 auction by Global Dairy Trade (GDT) maintained the pre-auction result with an increase of + 0.1% on average. However, the forward prices of the individual products show considerable differences. At 21,968 t, sales are on the up again. Whole milk powder (VMP) achieves a significant improvement in value at +2.1% on average. The forward delivery dates in particular made a significant contribution to this with +2.3 to +3.6%. The later delivery dates remained comparatively weak. Wed € 2,487 / t prices remain at a low level. As a rule, China is the main buyer for this product. Skimmed milk powder (MMP) was not able to fully maintain its position with -0.5% after the strong buoyancy in the pre-auction. With the exception of the August date, the courses were lower. However, the MMP prices, at the equivalent of € 2,279 / t, are significantly higher than in the EU.The availability of goods in Asia is much scarcer than in the northern hemisphere. Pure butter with -2.9% could not continue the stabilizing tendencies of the pre-auction. The delivery months Aug --10.9 % and Sep. with -6.3 %. At € 3,567 / t , the product remains in the lower middle. Plain butter loses ground again with an average result of -4.4%. In this case too, the delivery dates in August and September were largely responsible for the poor result. The price of the equivalent of € 3,271 / t is nevertheless higher than in the USA. Against the backdrop of market and price turmoil as a result of the COVID19 pandemic and a usual seasonal delivery low , the auction results are in an astonishingly stable framework. The seasonal low handling volume underlines the limited supply situation of the oceanic countries for the Asian region.In contrast, the seasonal increase in delivery volumes in the northern hemisphere, with a focus on the USA and the EU, led to price pressure in the early summer months.
