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Dairy prices continued to edge higher in last night’s Global Dairy Trade (GDT) auction with the aggregate price index up 0.4%.
However, there were mixed results for the individual products on offer.
Whole milk powder prices continued to edge lower, while butter prices were unchanged following their strong run over recent weeks.
Westpac analyst Anne Boniface says with just one more GDT auction before the 2018/19 season draws to a close at the end of May, the bank has “baked in the upside risk that we have been noting in recent weeks to our milk price forecast”.
It’s now forecasting a $6.50/kgMS milk price for the 2018/19 season (previously $6.40) which would be toward the upper end of Fonterra’s $6.30-6.60 forecast range.
Key Results
AMF index up 1.4%, average price US$6,217/MT
Butter index unchanged, average price US$5,486/MT
BMP index down 10.3%, average price US$3,242/MT
Ched index down 2.4%, average price US$4,217/MT
LAC index down 2.7%, average price US$887/MT
RenCas index up 3.1%, average price US$6,610/MT
SMP index up 2.8%, average price US$2,521/MT
SWP index not available, average price not available
WMP index down 0.5%, average price US$3,249/MT
Global Dairy Trade (GDT) and Arla Foods have announced that Arla will begin offering European-sourced skim milk powder (SMP) on GDT Pulse from May 2025 as part of an extension to the GDT Pulse pilot.
Horticultural prices are set to remain elevated this year, reflecting the balance between demand in key export markets and an increase in supply.
A significant rise in Global Dairy Trade (GDT) auction last week has prompted one bank to lift its forecast milk price for the season to above Fonterra's mid-point.
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.
The first Global Dairy Trade (GDT) auction drew mixed results, with drop in powder prices and lift in butter and cheeses.
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