Wednesday, 08 May 2019 11:15

Dairy prices edge higher

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Dairy prices continued to edge higher in last night’s Global Dairy Trade (GDT) auction with the aggregate price index up 0.4%.

However, there were mixed results for the individual products on offer. 

Whole milk powder prices continued to edge lower, while butter prices were unchanged following their strong run over recent weeks.

Westpac analyst Anne Boniface says with just one more GDT auction before the 2018/19 season draws to a close at the end of May, the bank has “baked in the upside risk that we have been noting in recent weeks to our milk price forecast”. 

It’s now forecasting a $6.50/kgMS milk price for the 2018/19 season (previously $6.40) which would be toward the upper end of Fonterra’s $6.30-6.60 forecast range.

Key Results

AMF index up 1.4%, average price US$6,217/MT

Butter index unchanged, average price US$5,486/MT

BMP index down 10.3%, average price US$3,242/MT

Ched index down 2.4%, average price US$4,217/MT

LAC index down 2.7%, average price US$887/MT

RenCas index up 3.1%, average price US$6,610/MT

SMP index up 2.8%, average price US$2,521/MT

SWP index not available, average price not available

WMP index down 0.5%, average price US$3,249/MT

 

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US milk powder giant rejoins GDT

The largest milk powder producer in the US, DairyAmerica is coming back to Global Dairy Trade (GDT), re-launching skim milk powder on July 16.

No surprise in softer WMP price

Softer whole milk powder (WMP) prices are not surprising given China’s strong import activity recently and the steadily increasing WMP pricing, says Rabobank dairy analyst Emma Higgins.

 
 

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