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The second to last Global Dairy Trade (GDT) event for the 2017-18 production season saw the auction’s price index down 1.1%.
Whole milk powder saw a small lift of 1.6% to US$3278/tonne at last week’s GDT auction despite the small decline in overall prices of 1.6%, says Emma Higgins, from RaboResearch.
Global dairy prices dropped slightly overnight but the flagship whole milk powder price managed a slight increase.
The GDT auction last week was close to expectations, and even included a slightly positive surprise with a 5.5% jump in skim milk powder prices, says BNZ senior economist Doug Steel.
The whole milk powder price slipped for the first time this year at the overnight Global Dairy Trade (GDT) auction.
Global dairy prices have broken their golden run of 2018. However, whole milk powder prices have lifted for the fourth consecutive time this year.
Westpac senior analyst Anne Boniface says fears of tighter international supplies, particularly for whole milk powder, helped dairy prices squeeze higher in the first few Global Dairy Trade auctions of 2018.