Whole milk powder price rises in latest dairy auction
Fonterra's GlobalDairyTrade Index fell 1.7% in its fourth session of declines.
Traded dairy products fell 1.7% overnight but rose in the biggest category, whole milk powder, in Fonterra's latest GlobalDairyTrade auction.
The price of whole milk powder jumped 1.5% to $US2973 a tonne, after slumping 7.5% in the previous auction.
Food commodity prices are generally easing on world markets, so the rise for New Zealand’s biggest single export product will allay some fears of a major slump.
Average prices fell $US10/t to $US3222/t and continued a trend over the past four auctions.
Butter and rennet casein fell the most. Butter dropped 8.1% to $US4953/t, while a small amount of rennet casein was down 9.5% at $US4602/t.
Cheddar fell 3.3% to $US3596/t and anhydrous milk fat fell 5.2% to $US5629/t.
Skim milk powder rose 0.8% to $US1959/t.
The total volume sold eased 4% to 25,454t.
Buttermilk powder, lactose and sweet whey powder were not offered.
The 126 winning bids were up on the previous auction. The participants rose to 168, up from 152 on July 3.
The next auction is on August 7.
Nevil Gibson
Wed, 18 Jul 2018
Wed, 18 Jul 2018
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Whole milk powder price rises in latest dairy auction
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