Fonterra has lifted its forecast farmgate milk price, hot on the heels of a huge leap in global dairy prices.
As predicted by the futures market, prices fell as concerns grew around coronavirus in China and its impact on global trade.
China is Fonterra’s major key market: Around 11% of all dairy consumption in China comes from Fonterra
The GDT price index fell 4.7%: whole milk powder down 6.2%, skimmed milk powder down 4.2%, and butter up 0.2%.
Updated coronavirus statistics show confirmed cases total 20,708 worldwide (20,483 in China), of which 4% have recovered, 13% are in critical condition, and 427 have died (425 in China).
AMF index down 4.5%, average price US$4,626/MT
Butter index up 0.2%, average price US$4,258/MT
BMP index down 5.2%, average price US$2,886/MT
Ched index up 6.0%, average price US$4,302/MT
LAC index up 2.5%, average price US$830/MT
RenCas index up 6.0%, average price US$9,956/MT
SMP index down 4.2%, average price US$2,907/MT
SWP index not available, average price not available
WMP index down 6.2%, average price US$3,039/MT