Thursday, 02 July 2015 08:21

GDT result shocks farmers

Written by 

Federated Farmers Dairy chairman Andrew Hoggard says this morning's Fonterra Global Dairy Trade (GDT) result is shocking.

Hoggard says farmers thought the slide in dairy prices over the last few months had bottomed out.

"Everyone has been talking up the chances of prices rising but this is not the case," he told Rural News online.

This morning's GDT event saw the price index down 5.9%.

The biggest fall was recorded by WMP, which is Fonterra's main export.

WMP slumped 10.8% to US$2054/metric tonne. Skim milk powder is down 5.8% to US1875/MT.

Hoggard says the 10.8% drop in whole milk powder prices is the biggest worry.

"It's hard to know the reasons behind today's big fall in prices," Hoggard says.

Key Results from this morning

AMF index up 1.6%, average price US$2,855/MT
Butter index down 0.3%, average price US$2,694/MT
BMP index down 8.1%, average price US$1,878/MT
Ched index down 4.9%, average price US$3,060/MT
LAC index not available, average price not available
RenCas index down 4.1%, average price US$5,901/MT
SMP index down 5.8%, average price US$1,875/MT
WMP index down 10.8%, average price US$2,054/MT

More like this

Editorial: Long overdue!

OPINION: The Government's latest move to make freshwater farm plans more practical and affordable is welcome, and long overdue.

Featured

Call to fast-track animal medicines approval

With an amendment to the Medicines Act proposing human medicines could be approved in 30 days if the product has approval from two recognised overseas jurisdictions, there’s a call for a similar approach where possible to be applied to some animal medicines.

National

Machinery & Products

Gongs for best field days site

Among the regular exhibitors at last month’s South Island Agricultural Field Days, the one that arguably takes the most intensive…

» Latest Print Issues Online

Milking It

Less hot air

OPINION: Farmers won't get any credit for this from the daily media, so Milking It is giving the bouquets where…

Dollars go offshore

OPINION: The Advertising Standards Authority’s 2024 report revealed that not only is social media rotting our brains, it is also…

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter