GDT event 406: dairy markets continue to weaken

GDT Event 406, the second auction of the 2026/27 milk season, recorded a decline of 2.8%. In the lead-up to the event, market indicators had pointed to a weaker outcome, although the final result was less negative than expected. SGX futures had implied declines of 5.8% under the C2 methodology and 5.0% under the all-contracts methodology. The average winning price (AWP) closed at $3,979 per ton, down from $4,021 per ton in Event 405. This represents a decrease of 3.53% compared with the previous event.