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Wednesday, 17 October 2018 09:00

Global dairy prices fall

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The overnight GDT auction saw the price index slip by 0.3% over the previous auction. The overnight GDT auction saw the price index slip by 0.3% over the previous auction.

Another Global Dairy Trade (GDT) auction, leads to another dip in milk powder prices.

The overnight GDT auction saw the price index slip by 0.3% over the previous auction.

However, there was a bigger drop in the flagship whole milk powder price — down 0.9% to US2729/MT. In mid-June this year, the WMP price was hovering around US$3189/MT but it has fallen over the past six consecutive auctions.

Skim milk powder price remains unchanged at US$1977/MT.

Key results

AMF index up 1.0%, average price US$5,106/MT

Butter index up 2.4%, average price US$4,114/MT

BMP not offered

Ched index down 1.8%, average price US$3,404/MT

LAC index up 1.5%, average price US$926/MT

RenCas index down 1.7%, average price US$5,426/MT

SMP index unchanged, average price US$1,977/MT

SWP not offered

WMP index down 0.9%, average price US$2,729/MT

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$10.25/kgMS milk price now in play

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.

$10 milk price still on

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.

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