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Pre GDT: Dairy Market in Standby Mode

1 min de lectura

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    The week started as any other regular GDT week. We finalized some discussion that already started last week but new business seems hard to find. Most partners prefer to "wait and see" what will happen on the world stage before taking new steps. In the meantime, our market view remains a bit the same, bearish short term, but we are nearing the bottom. 

    Looking at our GDT expectations it is in line with our market view for Europe. We dont think the GDT will show much strength on the C1/C2 and maybe C3 contracts, but we wouldn't be surprised to see a steeper forward curve. In general, we think the GDT will finalize between -1% and + 2%. We think the biggest surprise might come from SMP prices, although we think butter and AMF prices might underperform market expectations.

    Looking at the EU we face a warm week and we expect the bullish trend on liquids to continue this week. We would be surprised to see liquids turn bearish, although we do hear producers are eager to sell product forward in Q4 on today's spot prices.

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