Monday, April 22, 2024

Dairy prices ease across the board

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Global Dairy Trade (GDT) prices dropped 3.6% in aggregate in the latest auction, the biggest fall since mid-March.
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The GDT index fell 3.6% to US$3924/tonne average across eight products and six contract periods.

The index is now 10% below its recent high in early March but still 22% higher than this time last year.

Prices have fallen in each of the past six twice-monthly auctions, during the three months of New Zealand low season for milk production.

Whole milk powder prices dropped 3% in the latest auction, skim milk powder minus 7% and cheddar minus 9%.

Butter and anhydrous milk fat (AMF) prices dropped 3.2% and 0.9% respectively as milkfat products fared better than protein products.

NZX dairy analyst Stuart Davison says WMP prices slipped more than anticipated by the futures market but that demand remained strong.

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