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

 

More like this

Dairy prices fall

Dairy prices fell overnight in Global Dairy Trade (GDT) auction, reversing the lift in the previous event.

GDT price jump surprises economists

The 2.7% jump in last week’s Global Dairy Trade overall price index – with a 3.6% bounce in whole milk powder – was a surprise, economists agree.

Forecasts steady as demand holds

Banks are mainly holding firm on their forecasts of $7/kgMS despite last week’s flat Global Dairy Trade result – a small decline of 0.4% in the overall price index.

 
 

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