Middle East demand cushions global dairy price drop at latest GDT auction
The upheaval in the Middle East may have eased the fall in global dairy prices last week.
Although the GDT price index fell 1.4% at the overnight auction, the price for New Zealand's key product, whole milk powder (WMP), rose 0.7%.
The drop comes on the back of two consecutive increases. Overall, prices fell by 1.4% percent to $US2203 a tonne.
But farmers will be happy with the flagship WMP price, which rose to US$2176/tonne.
The latest rise in WMP is the third in a row, although not as solid as the 7.5% lift in the commodity at auction two weeks ago. Farmer returns are largely based on WMP prices.
Key Results
AMF index down 1.6%, average price US$3,195/MT
Butter index down 5.5%, average price US$2,601/MT
BMP index down 5.5%, average price US$1,366/MT
Ched index up 1.8%, average price US$2,727/MT
LAC index down 2.7%, average price US$693/MT
RenCas index up 3.5%, average price US$5,024/MT
SMP index down 3.6%, average price US$1,676/MT
WMP index up 0.7%, average price US$2,176/MT
