Canada Faces 50% U.S. Tariffs as Trade Tensions Threaten USMCA Talks 
Gold Prices Slide as Treasury Yields Surge, Fed Minutes in Focus 
Morgan Stanley Sees Fed Holding Rates as U.S. Inflation Cools 
US Dollar Slips as Soft Economic Data Eases Fed Rate Hike Expectations 
Asian Stocks Steady as Iran War Keeps Oil Prices and Inflation Risks Elevated 
US Stock Futures Steady as Cooling Inflation and Strong Earnings Support Markets 
Oil Prices Rise as Iran-U.S. Tensions Threaten Strait of Hormuz Supply 
Add as a preferred source on Google
Dairy prices in New Zealand slightly eased during the month of November, widely in line with what markets had initially anticipated, at the latest GlobalDairyTrade price auction held Tuesday.
Dairy prices were broadly stable in last night’s GlobalDairyTrade auction, the final action of the year. In aggregate prices eased 0.5 percent including a 0.8 percent fall in whole milk powder prices to USD3,568/tonne and a 2.3 percent fall in AMF prices (to USD 5,367). Skim milk powder prices were unchanged at USD 2,621/tonne.
After strengthening over the last couple of months, buying interest out of China appeared to be more subdued in last night’s auction. In contrast, there was a lift in interest from African buyers and those in South East Asia.
We expect to see further moderation in prices in the New Year. The pace of decline in global milk production is likely to slow in response to the higher prices on offer. And locally, domestic conditions have improved noticeably after a very wet spring in some regions.
The latest auction result was broadly in line with expectations and leaves us comfortable with our forecast of USD6.20 farm gate milk price this season.
Meanwhile, NZD/USD traded at 0.6925, up 0.13 percent, while at 6:00GMT, the FxWirePro's Hourly NZD Strength Index remained highly bearish at 102.56 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
