When will global milk production hit a tipping point?
With global milk prices falling, the question is when will key exporting countries reach a tipping point where production starts to dip.
Compared to the last auction, the price index rose 0.3%.
However, the flagship whole milk powder prices dropped 1.6% despite futures pricing a 3% rise.
Westpac senior market strategist Imre Speizer says fats outperformed but powders disappointed.
“The GDT dairy auction resulted in prices overall little changed – the index up 0.3%; WMP down 1.6% (compared to futures pricing a 3% rise),” he says.
Butter was up 3.8% to US$5954/MT; WMP US$3100/MT.
Key Results
AMF index up 3.6%, average price US$6,402/MT
Butter index up 3.8%, average price US$5,954/MT
BMP index down 10.1%, average price US$2,026/MT
Ched index up 2.5%, average price US$4,118/MT
LAC index up 5.1%, average price US$791/MT
RenCas index up 1.2%, average price US$6,316/MT
SMP index down 1.2%, average price US$1,944/MT
WMP index down 1.6%, average price US$3,100/MT
