Expert Says Fonterra Backing Current Strategy With New CEO Appointment
The appointment of Richard Allen as Fonterra's new chief executive signals execution, not strategy, according to agribusiness expert Dr Nic Lees.
The auction saw a price decline for almost all products offered.
Fonterra’s key product whole milk powder dropped 3.1% to US$2,309/MT, while skim milk powder declined 1.3% to US$1,982/MT.
However, butter saw the biggest decline dropping 10% to an average price of US$2,619/MT.
Large declines were also seen for anhydrous milk fat and butter milk powder, which fell 7.4% (US$3,112/MT) and 7% (US$1,795/MT) respectively.
Lactose and rennet casein also fell, with lactose down 6.9% to US$540/MT and rennet casein dropping 4.4% to US$5,789/MT.
Some 27,111 tonnes of product was traded, 4.4% more than at the previous auction.
