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The Global Dairy Auction suffered its sixth successive fall last night with the average price index dropping 4.3% to US $2,412/MT.
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.
Foreign Affairs Minister Winston Peters has joined the debate around the proposed sale of Fonterra’s consumer and related businesses, demanding answers from the co-operative around its milk supply deal with the buyer, Lactalis.
OPINION: Farmer shareholders of two of New Zealand's largest co-operatives have an important decision to make this month and what they decide could change the landscape of the dairy and meat sectors in New Zealand.
OPINION: As CEO of the Dairy Board in the 1980s I was fortunate to work with a team of experienced and capable executives who made most of the brand investments that created the international consumer business Fonterra inherited. Soprole in Chile was the largest, but there were more than 20 countries where consumer marketing companies were established and Anchor and other brands were successfully launched.
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Foreign Affairs Minister Winston Peters has joined the debate around the proposed sale of Fonterra’s consumer and related businesses, demanding answers from the co-operative around its milk supply deal with the buyer, Lactalis.
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