NZ: dairy prices tread water - ANZ

Analysts at ANZ explained that dairy prices continued to tread water overnight. 

Key Quotes:

"This suggests Fonterra is unlikely to downgrade its milk price forecast when its annual results are released next Monday. WMP performed better than expected, with the first contract (+5%) providing support. 

Lower NZ supply for August (-1.5% y/y) and a particular buyer perhaps being short, provided support. Milkfat prices continued to outperform, a trend that will continue into November. SMP declined as burdensome Norther Hemisphere supply and an end of European invention weighed on the market."