What it is
Milk dried to a powder with its fat left in, so that it can be stored and shipped without refrigeration. It is the main form in which milk is traded across oceans.
How it is usually quoted
US dollars per tonne.
This is the customary unit of the reference market. Other markets for the same commodity may use another unit or currency, and an exchange can change a contract’s terms: its own rulebook is the authority.
Where the reference contract trades
Sold at regular international auctions held online; dairy futures are also listed.
Named for orientation only. Naming an exchange or a market here does not mean that GIO4X gives access to it.
What commonly moves it
- Pasture growth and weather in New Zealand
- China’s import demand
- The cost of feed and of running a farm
- Stocks held by importers
These are the things people who follow this market usually watch. They explain how the market works; they do not say what the price will do next.
Where it comes from
New Zealand is the leading exporter. The European Union, Argentina and Uruguay also export.
The order of producers changes from year to year, so no quantities or shares are given here.
At GIO4X
Whole milk powder is not offered as a GIO4X instrument. This page is general education about a market that exists elsewhere, and nothing on it means that GIO4X quotes, trades or gives access to it.
The commodities GIO4X does list are Brent crude, gold, natural gas, palladium, platinum, silver and WTI crude.
Words worth knowing
A reference page. Educational information, not investment advice or a recommendation to trade. It gives no price and no forecast.