Glut in global milk supply keeping prices down
The final Global Dairy Trade (GDT) auction has delivered bad news for dairy farmers.
The GDT price index was down 0.5%; whole milk powder prices dipped 0.8% to US$3568/tonne.
The slight drop in prices is not expected to impact forecast milk payouts announced by Fonterra and other independent processors.
Some 22,321 tonnes of product was sold last night, down from 22,472 tonnes at the previous auction.
Key results
AMF index down 2.3%, average price US$5,367/MT
Butter index up 0.5%, average price US$4,290/MT
BMP index up 3.1%, average price US$2,874/MT
Ched index up 1.9%, average price US$3,826/MT
LAC index down 1.6%, average price US$857/MT
RenCas index up 3.3%, average price US$6,473/MT
SMP index unchanged, average price US$2,621/MT
WMP index down 0.8%, average price US$3,568/MT
