02.
06.15
17:43

GDT auction of the 2 June 2015: summer slump of in prices continues

6 GDT auction in a row with price cuts - offer for the demand too large the average auction result speaks a clear language of the 02 June 2015 with a further discount of - 4.3% across all products and delivery months. The global supply of milk products is still too big for the demand. The auction bid differed only marginally from the previous contingent amounts.  .

The butterfat with average 10 or - 7.4% were from the very weak side. The range of price reductions in the individual months ranged from 5.1 to 11.9%. Even the later delivery dates Nov. 15 and Dec. 15 showed no significant improvements.

The demand for milk powder as the main carrier of the auction action was not strong enough to prevent the decline of 3.1%. The months of Sept. 15 and Oct. 15 with minus 4% pushed the average score in particular.  The lower price discounts could be good for some prospects for stabilization in the Dec. 15 at-1%.

Preferred cropped skimmed-milk powder with 1.3%. There were even price increases for single month deliveries. This is all the more remarkable as skimmed-milk powder all over the world to exhibit the highest rates of growth.

The average prices are approaching the lows of 2009, as the global financial crisis for a substantial demand weakness caused. The demand of the year 2015 can be made out clearly in Russia's and China's restrained imports import failure.

The Russian import restrictions for the Western countries are not made betting again through import purchases in other regions. Ausschlagegender reason is Russia's financial difficulties due to the low crude oil prices and the weak purchasing power of the ruble. Russia's imports of dairy products have fallen to half of the traditional level.

Restrained demand from China is justified with the stock purchases jammed on, which mined but slower as it has estimated so far. Not so much a booming Chinese economy has made its contribution to do so. An increasing equity production is to observe, but has not the power to effect a fundamental change of Chinese import requirements.

You seasonally may cause a certain change of mood in the months of June to left after July production at world level for the next auctions.

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