Jarden’s head of commodities says giving only a cursory view you would be forgiven for being excited by last night’s unchanged GDT auction result, [WMP 0.2%, SMP -0.4%, AMF -1.8%, Butter 1.1%, and Cheese 1%] when of course the devil lies in the detail. Given how the index is compiled, he says the flat overall result may hide some of the more dramatic moves in the numbers that count to New Zealand dairy farmers.

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