Fonterra Begins CEO Search Following Miles Hurrell Resignation
Fonterra chief executive Miles Hurrell has resigned after eight years in the role.
It is the fifth consecutive fall this year with most products seeing a decrease.
Cheddar saw the biggest drop, down 7.1% with an average price of US$2,745/MT. This was followed by Anhydrous Milk Fat down 4.8% at US$3,337/MT and Skim Milk Powder down by 3.6% to US$1,992/MT.
Butter fell by 3.2%, average price US$2,911/MT.
Whole Milk Powder, a key product for Fonterra also saw a minor drop of 0.5% average price US$2,390/MT, with Rennet Casein down 0.4% to US$6,067/MT.
The two products to gain ground were Butter Milk Powder, up 3.2%, to US$1,930/MT and Lactose up 0.9% to US$580/MT.
Some 26,553 tonnes of product was sold, down from the 27,369 tonnes sold in the May 6 auction two weeks ago.
