Milk Powder Prices Prop Up Farmgate Milk Price
Milk powder prices are keeping farmgate prices up, helping processors offset the dip in milk fat prices.
The Global Dairy Trade price index dipped 3.4% over the previous auction.
Whole milk powder fell 2.7%, SMP fell 6.5%, and butter fell 5.9%.
Westpac head of NZ Strategy Imre Speizer says the results disappointed earlier futures market predictions of a small rise on WMP.
Full results
AMF index unchanged, average price US$6,887/MT
Butter index down 5.9%, average price US$5,144/MT
BMP not offered
Ched index down 4.2%, average price US$3,831/MT
LAC index not available, average price not available
RenCas index down 12.6%, average price US$4,644/MT
SMP index down 6.5%, average price US$1,701/MT
WMP index down 2.7%, average price US$2,778/MT
