Hat-trick of price rises at Fonterra auction

The GDT price index gained 3.1 per cent from the previous auction two weeks ago and the average price rose to $US3139.

Some 22927 tonnes of product was sold, up from 22642 at the previous auction.

Whole milk powder climbed 3.5 per cent to $US2998/tonne.

A large volume of instant whole milk powder sold at a lower price than the regular grade product, AgriHQ dairy analyst Susan Kilsby said.

‘‘It was unusual to see regular grade whole milk powder selling at a premium to the higher specification product but we have seen a lot of strength in the futures market recently and it is the regular grade product this market settles against,’’ Ms Kilsby said.

Skim milk powder jumped 7.1 per cent to $US2044/tonne.

‘‘The GDT prices indicate there are buyers that are prepared to pay a premium to source skim milk powder produced in New Zealand,’’ Ms Kilsby said.

‘‘Elsewhere in the world there is a glut of skim milk powder, but here we are successfully moving product and attaining good prices.’’

Cheddar rallied six per cent to $US3462/tonne, butter increased 2.9 per cent to $US4892, while lactose added 1.2 per cent to $US935.

Meanwhile, rennet casein dropped 3.8 per cent to $US6020/tonne, while anhydrous milk fat slipped 0.5 per cent to $US5930. Butter milk powder sold at $US1720.


Source: Riverine Herald

Link: http://www.riverineherald.com.au/rural/2017/04/27/85940/hat-trick-of-price-rises-at-fonterra-auction


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