Futures point to further dairy auction falls

The price for New Zealand’s key dairy export, whole milk powder, is set to decline further at tonight’s GlobalDairyTrade auction as dairy companies head into the new season and ramp up production.

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Class III market bulls remained in control yesterday, with futures skyrocketing at one point by as much as +63¢ for June prior to retreating. Futures did come off their highs to give back significant gains by the close, exposing cracks in the bullish sentiment.