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Agri Commodities Update: dairy futures set the bar high

NZ WMP futures are pointing to another strong lift in GDT auction prices tonight, while most other markets were closed Monday on a US holiday.

Currencies

The US Dollar recorded a mix of gains and losses against the other agri‑exporters on Monday.  The Australian Dollar has again edged higher to start today a shade above 75¾¢.

Grains & Oilseeds

ASX East January wheat futures were a shade higher on Monday.  A handful of trades in the evening session added another dollar, with the market closing at 232$.  Overnight action in currencies are a small negative but, with US wheat markets closed Monday, Australian prices do not have much of a global anchor to measure themselves against today.  A deluge of rain over the weekend has left Victorian and NSW crops in need of drier and warmer weather.  Forecasters though say these regions will see periodic rainfall this week (the heaviest of which will be concentrated in the southeast) so concerns over milling grade supplies are likely to continue to dog the market.

Dairy

NZX WMP futures were unchanged Monday amid light trade – not unusual in the lead up to a GDT event.  Based on the recent strength in the futures market though – and the rapidly tightening global supply situation – we are expecting to see WMP prices to lift between 7-9% at tonight’s auction.

Learn More

For a more detailed snapshot of market conditions, or to get the daily market update direct to your inbox daily, visit Commonwealth Bank. Important Disclosures and analyst certifications regarding subject companies are at www.research.commbank.com.au.

This report was originally published, approved and distributed by Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945.

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