Nervous traders backed away from dairy markets this past week as concerns grew about faltering demand and renewed shutdowns across Europe. As cases rapidly rose, sometimes to highs for the year, France and UK announced closures and shutdowns to gain some control over the virus.
The U.S. presidential election’s pending outcome has also added to the general anxiety level as mail-in ballots continue to be counted.
Staying focused on dairy, the cumulative performance of GDT auction events shows that we are down a little more than 5 percent from the start of this year. This means the market has not been able to claw back from the spring’s sharp selloff and is down about 10 percent from where we were one year ago.