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Wednesday, 19 July 2017 09:05

Butter’s dream run continues

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GDT star performer, butter enjoyed another strong jump in prices overnight. GDT star performer, butter enjoyed another strong jump in prices overnight.

Global Dairy Trade (GDT) star performer, butter enjoyed another strong jump in prices overnight.

At the latest GDT auction, butter prices rose 3.4% over the previous auction to US$6004/tonne.

Overall the GDT auction saw little price movement- the price index was up just 0.2%.

Whole milk powder prices, a major indicator of Fonterra’s milk payout to farmers was up 0.3% to US$3114/tonne. Skim milk powder was down 3.2%.

Key results

AMF index down 0.2%, average price US$6,577/MT

Butter index up 3.4%, average price US$6,004/MT

BMP not offered

Ched index up 1.6%, average price US$4,112/MT

LAC index down 1.8%, average price US$825/MT

RenCas index up 2.4%, average price US$6,358/MT

SMP index down 3.2%, average price US$2,024/MT

WMP index up 0.3%, average price US$3,114/MT

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$10 milk price still on

Whole milk powder prices on Global Dairy Trade (GDT) remains above long run averages and a $10/kgMS milk price for the season remains on the card, says ASB senior economist Chris Tennent-Brown.

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