Wednesday, 03 October 2018 09:34

Dairy prices fall, again

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The GDT price index fell 1.9% overnight. The GDT price index fell 1.9% overnight.

Global dairy prices have fallen again and supply expectations out of New Zealand might be at play.

The Global Dairy Trade (GDT) price index fell 1.9% overnight, compared to the previous auction.

Whole milk powder price dropped 1.2% to US$2753/metric tonne, causing further downward pressure on forecast milk payouts.

Westpac’s head of NZ strategy, Imre Speizer says supply expectations may have weighed on the latest GDT auction.

He notes that growing conditions in NZ are good.

More milk out of NZ means more dairy products available on the global market, causing prices to dip.

Key results

AMF index down 4.4%, average price US$5,069/MT

Butter index down 5.9%, average price US$4,016/MT

BMP index up 3.6%, average price US$2,522/MT

Ched index down 1.2%, average price US$3,468/MT

LAC index up 0.6%, average price US$913/MT

RenCas index up 3.0%, average price US$5,552/MT

SMP index down 0.3%, average price US$1,982/MT

SWP index not available, average price not available

WMP index down 1.2%, average price US$2,753/MT

 

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Price slump pressures $6.75 payout

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 keeps falling

The whole milk powder price has fallen to an eight-month low in the latest Global Dairy Trade (GDT) auction.

 
 

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