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OPINION: Are the heydays of soaring global demand for butter over?
In May this year, the price of butter of Global Dairy Trade platform nearly touched US$8,000/MT.
However, butter prices have dropped in the last 10 consecutive GDT auctions and now sit at around US $5900/MT.
While butter prices don't impact the farmgate milk price in a big way, the downward trend should mean cheaper prices for butter on supermarker shelves.
The media were quick to blame Fonterra for the rise in prices, but don't hold your breath for credit being given for the price drop!
American butter undercutting New Zealand's own product on New Zealand supermarket shelves appears to be a case of markets working as they should, says Dairy Companies Association of New Zealand (DCANZ).
Buyers trying to secure supply are keeping dairy prices at elevated levels.
ANZ agri economist Matt Dilly looks at the impressive run of global dairy prices this year.
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The Government has announced its support for 18 community-based initiatives through its Rural Wellbeing Fund.
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