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Pre GDT Quietness

1 min read

    Yesterday was a typical pre-GDT Monday with no activity from our side to report on. We see that most of our partners are comfortable enough to wait a few extra days to engage in the market and prefer to go back to the "wait and see" mode. And our partners report that their customers are just as relaxed. Therefore we think most. activity will be in the second part of this week when GDT results are known and spot prices for liquids are being set. 

    Speaking to our partners and polling their expectations for the GDT results tomorrow we see that the market should probably prepare for a firmer GDT. Not only SGX futures are the indication, but the lowered volumes for AMF and Butter for the next year might push more buyers to the auction. Cheese prices might drop back a bit after a bullish move last event, although worldwide demand for cheese remains robust. We expect the GDT to close between -1/+2%. But with a much weaker GDT, this would still be a disappointing GDT for EU commodities. Our expectations are that EU products will perform weaker than NZ products.

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