Glut in global milk supply keeping prices down
The final Global Dairy Trade (GDT) auction has delivered bad news for dairy farmers.
Global dairy prices are continuing their golden run, with the Global Dairy Trade (GDT) price index posting its seventh consecutive rise overnight.
The GDT price index rose 3.3% last night, compared to the last auction.
Last night’s GDT event also saw whole milk powder prise rise 6% to US$3186/metric tonne.
Butter price has also seen its seventh consecutive lift, rising to US$4657/MT.
Key results
AMF index up 3.9%, average price US$5,837/MT
Butter index up 3.7%, average price US$4,657/MT
BMP index up 11.0%, average price US$3,480/MT
Ched index up 6.0%, average price US$3,888/MT
LAC index up 0.6%, average price US$1,009/MT
RenCas index down 0.1%, average price US$5,649/MT
SMP index down 4.3%, average price US$2,462/MT
SWP index not available, average price not available
WMP index up 6.0%, average price US$3,186/MT
Farmer confidence has taken a slight dip according to the final Rabobank rural confidence survey for the year.
Former Agriculture Minister and Otaki farmer Nathan Guy has been appointed New Zealand’s Special Agricultural Trade Envoy (SATE).
Alliance Group has commissioned a new heat pump system at its Mataura processing plant in Southland.
Fonterra has slashed another 50c off its milk price forecast as global milk flows shows no sign of easing.
Meat processors are hopeful that the additional 15% tariff on lamb exports to the US will also come off.
Fears of a serious early drought in Hawke’s Bay have been allayed – for the moment at least.