Milk Powder Prices Prop Up Farmgate Milk Price
Milk powder prices are keeping farmgate prices up, helping processors offset the dip in milk fat prices.
The weighted currency indicator lifted by 1.04% with 93% of the 6,660 bales on offer selling, says NZWSI marketing executive, Malcolm Ching.
Ching says compared to the South Island sale on September 10, the North Island offering saw fine crossbred full fleece and longer shears ease 4 to 6% with less interest in this sector from the Chinese market currently.
Shorter shears were firm to 1.5% easier, with interest for these types continuing. Coarse full-length fleece were 2.5% cheaper with shears ranging from firm to 3% softer. Oddments were up to 2% easier.
Ching says China continues as the main market influence, supported by Western Europe, Middle East, and Australasia.
The next sale on September 24 comprises about 9,200 bales from the South Island.
