Fonterra chairman John Monaghan says a lot of work goes into delivering a globally competitive milk price to farmers.
The overnight GDT auction saw the price index slip by 0.3% over the previous auction.
However, there was a bigger drop in the flagship whole milk powder price — down 0.9% to US2729/MT. In mid-June this year, the WMP price was hovering around US$3189/MT but it has fallen over the past six consecutive auctions.
Skim milk powder price remains unchanged at US$1977/MT.
AMF index up 1.0%, average price US$5,106/MT
Butter index up 2.4%, average price US$4,114/MT
BMP not offered
Ched index down 1.8%, average price US$3,404/MT
LAC index up 1.5%, average price US$926/MT
RenCas index down 1.7%, average price US$5,426/MT
SMP index unchanged, average price US$1,977/MT
SWP not offered
WMP index down 0.9%, average price US$2,729/MT