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.
The average price was US$2920/MT with 131 winning bidders over 14 rounds.
The all-important whole milk powder index was up a more modest 3.7% with an average price of US$2793/MT.
Key results were:
AMF index up 15.4%, average price US$4,769/MT
Butter index up 14.9%, average price US$3,764/MT
BMP index up 6.8%, average price US$2,070/MT
Ched index up 9.0%, average price US$3,436/MT
LAC index up 2.0%, average price US$787/MT
RenCas index up 6.7%, average price US$6,720/MT
SMP index up 10.0%, average price US$2,224/MT
WMP index up 3.7%, average price US$2,793/MT
The next auction is overnight Tuesday, September 20 with result out Wednesday, September 21.
