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Demand for fat products saw butter prices rise a whopping 11.2% in the GDT.
Global dairy prices are continuing their merry run with the Global Dairy Trade (GDT) price index rising for the fifth consecutive auction.
The GDT price index rose 3.2% compared to the previous auction; a strong demand for fat products saw big rise butter and anhydrous milk fat prices.
Surprisingly, the price for Fonterra’s flagship product, whole milk powder- rose 1.3% over the previous auction, despite the market forecasting a 2% drop. WMP price index now sits at US$3312/tonne.
Westpac senior market strategist Imre Speizer says the rise in GDT price index was led by fat products (butter up 11.2%).
“WMP was more subdued, up 1.3% which was slightly above futures prices which implied a 2% fall. The positive outturn has implications for analysts’ forecasts of the milk payout for the next season (2017-18),” he says.
Key Results
AMF index up 8.2%, average price US$6,631/MT
Butter index up 11.2%, average price US$5,479/MT
BMP index up 7.0%, average price US$1,980/MT
Ched index up 0.6%, average price US$3,726/MT
LAC index up 2.0%, average price US$967/MT
RenCas index down 3.7%, average price US$6,259/MT
SMP index up 1.0%, average price US$1,998/MT
WMP index up 1.3%, average price US$3,312/MT
Global Dairy Trade (GDT) and Arla Foods have announced that Arla will begin offering European-sourced skim milk powder (SMP) on GDT Pulse from May 2025 as part of an extension to the GDT Pulse pilot.
A significant rise in Global Dairy Trade (GDT) auction last week has prompted one bank to lift its forecast milk price for the season to above Fonterra's mid-point.
Whole milk powder prices on Global Dairy Trade (GDT) remains above long run averages and a $10/kgMS milk price for the season remains on the card, says ASB senior economist Chris Tennent-Brown.
The first Global Dairy Trade (GDT) auction drew mixed results, with drop in powder prices and lift in butter and cheeses.
Weaker milk production in the Northern Hemisphere is keeping dairy prices high.
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