The Global Dairy Trade had its eighth consecutive fall last week putting more downward pressure on Fonterra’s $6.75/kgMS milk price forecast, says BNZ senior economist Doug Steel.
WMP price dropped 0.5%, compared to the previous auction, to US$3014/MT.
Westpac’s head of NZ strategy Imre Speizer says the drop was “a disappointing result compared to futures pricing which had predicted a 3% rise”.
Skim milk powder price dropped 5.6%; butter also came down 2.5% from its record high. Overall, the GDT price index dropped 1% compared to the last auction.
AMF index up 5.2%, average price US$6,841/MT
Butter index down 2.5%, average price US$5,736/MT
BMP not offered
Ched index down 0.1%, average price US$4,107/MT
LAC index not available, average price not available
RenCas index down 8.6%, average price US$5,612/MT
SMP index down 5.6%, average price US$1,797/MT
WMP index down 0.5%, average price US$3,014/MT