Milk Glut Drags Fonterra Forecast Down to $9.20/kgMS
A milk glut around the world shows no sign of easing, putting downward pressure on farmgate milk prices for the next few months.
In the overnight auction, the price index rose 0.9% over the previous auction; anhydrous milk fat was up 5.3% and butter up 1.2%.
Whole milk powder prices rose 0.6%, in line with earlier futures pricing.
Butter is now selling on GDT at a record price of US$6026/ MT; AMF is fetching US$6764/MT.
Key results
AMF index up 5.3%, average price US$6,764/MT
Butter index up 1.2%, average price US$6,026/MT
BMP not offered
Ched index down 1.9%, average price US$4,032/MT
LAC index down 3.8%, average price US$759/MT
RenCas index down 2.4%, average price US$6,036/MT
SMP index down 1.2%, average price US$1,920/MT
WMP index up 0.6%, average price US$3,122/MT
