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.
He notes whole milk powder prices slipped 0.6% to US$3143/MT; this was unexpected as the milk futures market had predicted a 4% rise.
The GDT price index dipped 0.4% compared to the last auction.
Fat-based products- butter and anhydrous milk fat- also slipped; butter down 1.3% and AMF 1.2%.
Skim milk powder was slightly up – 0.3% to US$!968/MT.
Key results
AMF index down 1.2%, average price US$6,199/MT
Butter index down 1.3%, average price US$5,735/MT
BMP not offered
Ched index up 1.4%, average price US$4,005/MT
LAC index down 4.9%, average price US$747/MT
RenCas index up 2.9%, average price US$6,255/MT
SMP index up 0.3%, average price US$1,968/MT
WMP index down 0.6%, average price US$3,143/MT
