Glut in global milk supply keeping prices down
The final Global Dairy Trade (GDT) auction has delivered bad news for dairy farmers.
The latest Global Dairy Trade (GDT) auction has delivered a mixed result.
The GDT price index was down 1.7% over the previous auction. However, whole milk powder price rose 1.5% to US$2973/MT.
Skim milk powder price also rose slightly, 0.8% to US$1959/MT.
Prices of other commodities dropped – butter was down 8% to US$4953/MT.
Key results
AMF index down 5.2%, average price US$5,629/MT
Butter index down 8.1%, average price US$4,953/MT
BMP index not available, average price US$2,225/MT
Ched index down 3.3%, average price US$3,596/MT
LAC index not available, average price not available
RenCas index down 9.5%, average price US$4,602/MT
SMP index up 0.8%, average price US$1,959/MT
SWP index not available, average price not available
WMP index up 1.5%, average price US$2,973/MT
Farmer confidence has taken a slight dip according to the final Rabobank rural confidence survey for the year.
Former Agriculture Minister and Otaki farmer Nathan Guy has been appointed New Zealand’s Special Agricultural Trade Envoy (SATE).
Alliance Group has commissioned a new heat pump system at its Mataura processing plant in Southland.
Fonterra has slashed another 50c off its milk price forecast as global milk flows shows no sign of easing.
Meat processors are hopeful that the additional 15% tariff on lamb exports to the US will also come off.
Fears of a serious early drought in Hawke’s Bay have been allayed – for the moment at least.