Wednesday, 02 November 2016 16:40

Morale booster for dairy farmers at GDT auction

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Federated Farmers Dairy chairman Andrew Hoggard says this morning’s strong rise in global dairy prices is a morale booster for farmers.

Hoggard told Rural News online that things are looking more positive after the GDT price index rose 11.4% and the flagship whole milk powder prices rose a whopping 19.8% to US$3317/tonne.

WMP prices need to stay over US$3000/tonne for farmers to get a decent milk payout and make a profit, he says.

“Let’s hope the prices remain steady,” Hoggard says.

Hoggard also points out that money won’t start flowing to farmers straight away; it would take several months.

GDT key results
Price Index up 11.4%
AMF index up 2.6%, average price US$5,146/MT
Butter index up 4.0%, average price US$4,146/MT
BMP index down 5.4%, average price US$2,248/MT
Ched index up 0.9%, average price US$3,332/MT
LAC index down 4.0%, average price US$755/MT
RenCas index down 4.8%, average price US$6,025/MT
SMP index up 6.5%, average price US$2,329/MT
WMP index up 19.8%, average price US$3,317/MT

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