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Comwell Information
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Another dip in Global Dairy Trade auction

The Global Dairy Trade auction has recorded another fall, making it eight drops in the last nine auctions, following a 'bolt from the blue' 15 per cent jump back in March.

Prices across the board fell 2.9 per cent, in the seventh consecutive negative result.

Whole Milk Powder - which has the biggest influence on Fonterra's farmgate milk price - fell 3.8 per cent and over US$130/MT to an average US$3730/MT.

On the back of a 7.0 per cent drop two weeks ago, Skim Milk Powder - Fonterra's second biggest reference product - dropped a further 5.2 per cent and US$155/MT to an average US$2971/MT.

The biggest decline, however, came from Lactose, which fell 8.9 per cent to an average US$1,127/MT - although very little product was offered.

Cheddar, which slid 9.2 per cent in the previous event, rallied slight to finish up 1.3 per cent and average US$4022/MT.

Butter, which had been hovering above the US$5000/MT mark earlier this year, softened a further 0.8 per cent to an average US$4419/MT, while Anhydrous Milk Fat dropped 0.3 per cent to an average US$5615/MT.

Butter Milk Powder and Sweet Whey Powder were not offered at this event.

The volume of product traded fell slightly from the previous event with a total of 22,405 MT of product sold to 111 successful bidders.

Fonterra chief financial officer Marc Rivers remained philosophical about the result.

-nzherald

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