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.
The Global Dairy Trade (GDT) price index was down 0.2% compared to the previous event.
However, whole milk powder price rose 2.1% to US$3,100/metric tonne.
Butter, AMF and skim milk powder prices finished lower than the previous auction.
Key results
• AMF index down 3.7%, average price US$5,061/MT
• Butter index down 3.4%, average price US$4,025/MT
• BMP not offered
• Ched index up 0.8%, average price US$3,857/MT
• LAC index down 3.7%, average price US$740/MT
• RenCas index down 8.1%, average price US$6,348/MT
• SMP index down 0.3%, average price US$2,478/MT
• SWP index not available, average price not available
• WMP index up 2.1%, average price US$3,100/MT
