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 GDT price index rose 4%, its biggest jump since March when it soared 15%.
Whole milk powder price rose 3.3% to US$3691/metric tonne, its biggest rise since gaining 21% in March.
Skim milk powder also recorded a big jump; rising 7.3% to US$3274/MT.
Key Results
AMF index up 3.1%, average price US$5,970/MT
Butter index up 3.7%, average price US$4,948/MT
BMP index up 3.0%, average price US$3,287/MT
Ched index up 3.6%, average price US$4,328/MT
LAC index up 6.4%, average price US$1,167/MT
SMP index up 7.3%, average price US$3,274/MT
SWP not offered
WMP index up 3.3%, average price US$3,691/MT
