Global dairy prices go up, volumes drop at auction
Global dairy prices rose for a tenth consecutive time at a fortnightly auction on Wednesday, although prices for whole milk powder (WMP), the most-traded item, eased again due to lower demand.
Global dairy prices rose for a tenth consecutive time at a fortnightly auction on Wednesday, although prices for whole milk powder (WMP), the most-traded item, eased again due to lower demand. The GDT Price Index climbed 0.5 percent, with an average selling price of $3,447 per tonne. This was slower that the 0.8 pct rise in the previous auction, according to GDT Events.
Whole milk powder average prices eased by 0.7 percent, the second fall in a row. "We think this is some of the supply premium coming out of prices as concern about the impact of dry weather on NZ milk production eases," Westpac senior economist Anne Boniface said in a note.
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GDT Events is owned by New Zealand`s Fonterra Co-operative Group Ltd, but operates independently from the dairy giant. The auctions are held twice a month, with the next one scheduled for May 7.
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