Strong production, tested demand send milk prices crashing
Strong global milk production and rebalancing of demand among key buyers has delivered one of the biggest drops in whole milk powder prices in recent years.
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
