Dairy prices fall

The GDT price index was down 2.6%, compared to the previous auction, which had seen a 2.7% lift in the price index.

Worryingly for farmers, there was a 1.7% fall in whole milk powder prices. Prices for AMF and butter were also down, falling by more than 5%.

Westpac economists note that although not a large decline, one possible explanation could be China’s weakening of its currency in response to the US-China trade war.

Key results

AMF index down 5.1%, average price US$5,246/MT

Butter index down 5.5%, average price US$4,165/MT

BMP index down 5.6%, average price US$2,405/MT

Ched index down 2.0%, average price US$3,838/MT

LAC index down 11.5%, average price US$767/MT

RenCas index down 1.3%, average price US$6,885/MT

SMP index down 1.6%, average price US$2,482/MT

SWP index not available, average price not available

WMP index down 1.7%, average price US$3,039/MT