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Wednesday, 20 June 2018 10:18

Dairy prices dip

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Dairy prices dip

The second Global Dairy Trade (GDT) auction of the new season saw a slight drop in dairy prices.

In the overnight auction, the GDT price index dropped 1.2% over the previous event. The first event of the NZ dairy season two weeks ago saw the price index dip 1.3%.

Whole milk powder price was down 1% overnight to an average price of $US$3189/metric tonne.

Key Results

AMF index down 2.5%, average price US$6,060/MT

Butter index up 0.8%, average price US$5,611/MT

BMP not offered

Ched index down 3.6%, average price US$3,847/MT

LAC index up 8.2%, average price US$769/MT

RenCas index down 2.2%, average price US$4,898/MT

SMP index down 1.1%, average price US$2,003/MT

SWP index not available, average price not available

WMP index down 1.0%, average price US$3,189/MT

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A significant rise in Global Dairy Trade (GDT) auction last week has prompted one bank to lift its forecast milk price for the season to above Fonterra's mid-point.

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Whole milk powder prices on Global Dairy Trade (GDT) remains above long run averages and a $10/kgMS milk price for the season remains on the card, says ASB senior economist Chris Tennent-Brown.

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