Fonterra shaves 50c off forecast milk price
Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward pressure on commodity prices.
The Global Dairy Trade (GDT) overnight auction recorded a 3.9% rise in the price index.
Whole milk powder price, which determines Fonterra's milk price to farmer supplies, lifted 3.1% to US$3,306/metric tonne, sitting at its highest level in 12 months.
Key Results
AMF index up 5.5%, average price US$4,604/MT
Butter index up 7.2%, average price US$4,526/MT
BMP index up 6.9%, average price US$2,876/MT
Ched index up 5.0%, average price US$4,078/MT
LAC index up 7.4%, average price US$1,099/MT
SMP index up 4.1%, average price US$3,044/MT
SWP not offered
WMP index up 3.1%, average price US$3,306/MT
