Milk Glut Drags Fonterra Forecast Down to $9.20/kgMS
A milk glut around the world shows no sign of easing, putting downward pressure on farmgate milk prices for the next few months.
This morning's GDT price index rose 9.9%, its fourth consecutive rise.
More importantly, the average price of Fonterra's flagship commodity export - whole milk powder- rose 12.9% to US$2824/tonne.
Skim milk powder price rose 13.4% to US$2267/tone.
Full results
- AMF index up 9.9%, average price US$3,763/MT
- Butter index down 2.3%, average price US$3,037/MT
- BMP index up 13.8%, average price US$1,945/MT
- Ched index up 0.5%, average price US$3,234/MT
- LAC index up 5.9%, average price US$524/MT
- RenCas index up 4.0%, average price US$6,048/MT
- SMP index up 13.4%, average price US$2,267/MT
- WMP index up 12.9%, average price US$2,824/MT
