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.
Last night’s GDT event saw the price index rise 3%. Since November last year, the price index has gained over 20%.
GDT’s flagship products- whole milk powder prices continue to rise with last night’s auction recording a 4.3% lift to US$3615/metric tonne.
WMP prices are at levels not seen since December 2016, when it reached US$3593/MT.
Key Results
AMF index up 1.1%, average price US$5,527/MT
Butter index up 2.0%, average price US$5,129/MT
BMP not offered
Ched index up 2.4%, average price US$4,268/MT
LAC index up 0.4%, average price US$1,232/MT
SMP index up 0.3%, average price US$3,207/MT
SWP not offered
WMP index up 4.3%, average price US$3,615/MT
