Tuesday, December 5, 2023

Fonterra makes changes to GDT forecast volumes

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Whole milk powder and skim milk powder volumes shifted from core event to GDT pulse auctions.
Skim milk powder fell 5.2% to $2333 a tonne on the latest Global Dairy Trade auction, as did butterfat, with the butter index dropping 3% to US$4539/t.
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Fonterra has made changes to its Global Dairy Trade forecast, shifting whole milk powder and skim milk powder volumes from the core GDT event to GDT pulse auctions.

The co-operative has reduced its 12-month WMP GDT event forecast by 6500t onto the pulse auction platform. The12-month GDT event forecast now equates to 351,239t.

This introduces a second commodity to the pulse auction, with 23,510t of SMP moved from the GDT Event 12-month forecast to the pulse auction 12-month forecast.

Alongside the launch of SMP on the pulse auction platform is the introduction of instant WMP, which will be offered within the total WMP pulse offering. 

From October 2023, Fonterra expects to offer regular WMP, instant WMP and SMP medium heat in contract 2, initially offering 1250t of WMP and 1000mt of SMP.

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