Chinese imports of milk powder could rise to 40,000 tonnes in January, from 31,000 tonnes in December, the ministry said on its website. It warned importers to guard against possible losses due to oversupply.
December's imports included 5,000 tonnes of infant formula, while January was expected to include 3,000 tonnes of formula, it said. The ministry occasionally issues early warning reports to help avoid price crashes.
So, with the above story on January 12, 2010 and with talk of lowered production in NZ, wouldn't you know NFDM prices fell on the CME. Grade A fell 7 cents and Extra Grade fell 8 1/2 cents.
No actual loads changed hands. Nothing unusual there. In the first ten years of trading on the CME ONE load was actually traded. a few loads changed hands in 2008. What a sham.