Three-month dairy product price slide ends
Prices of dairy products snapped a three-month slide in Fonterra Cooperative Group's latest GlobalDairyTrade auction, lifting the average winning price from the lowest level since August.
BUSINESSDESK: Prices of dairy products snapped a three-month slide in Fonterra Cooperative Group’s latest GlobalDairyTrade auction, lifting the average winning price from the lowest level since August.
The GDT-TWI Price Index rose 1.5% compared to the last sale two weeks ago.
The average winning price gained to $US3277 a metric tonne.
Rennet casein and cheddar were the biggest improvers, while whole and skim milk powder fell.
The sale is the first since Fonterra last week posted an 18% gain in first-half profit on increased sales and higher prices from its ingredients business.
Chairman Sir Henry van der Heyden said prices have remained “relatively stable” though they were off their highs of last year.
The average winning price for whole milk powder fell 2.8% to $US3227 a metric tonne and skim milk powder fell 0.8% to $US3078 a tonne.
Anhydrous milk fat rose 8.3% to $US3583 a tonne.
Butter milk powder wasn’t offered at this week’s sale.
Cheddar rose 13.2% to $US3371 a tonne and milk protein concentrate gained 13.1% to $US4705 a tonne.
Rennet casein gained 13.8% to $US7290 a tonne.
There were 104 winning bidders over 13 rounds, out of 139 participating bidders.
The number of qualified bidders rose to 603 from 592.
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Three-month dairy product price slide ends
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