The GDT-TWI Price Index fell 5.3% compared to the last sale two weeks ago. The average winning price fell to US$4,443 a tonne from US$4,549 a tonne. Whole milk powder, the biggest product by volume, fell 7.1% to US$4,643 a tonne, the lowest since the March 5 auction.
Fonterra Co-operative Group raised its forecast 2014 payout to farmers saying that even though the signs are that global dairy commodity prices have peaked they’re expected to remain at elevated levels through 2013 and remain relatively strong in 2014.
The total volume of dairy products sold at the latest auction rose to 24,252 tonnes, the highest since the February 19 auction. The volume shrank to a drought-affected 13,912 tonnes in the early April sale.
The price of anhydrous milk fat fell 4.3% to US$4,478 a tonne and butter milk powder rose 3.3% to US$4,410 a tonne. Butter fell 2.6% to US$3,743 a tonne.
Cheddar sold at an average US$4,877 a tonne. No results were given for lactose and milk protein concentrate and rennet casein weren’t offered. Skim milk powder fell 3.2% to US$4,164 a tonne.
There were 99 winning bidders over 10 rounds. There were 162 participating bidders out of a total number of qualified bidders of 825.
© BusinessDesk 2013