Volumes as forecast for November 3 event
Whole milk powder (WMP) volumes are as previously forecast, with a total of 17,750t on offer, though this is more than was available at the previous auction (+6%). There is a greater concentration of product in contract 2 (shipping January 2016), whereas it was more spread across contract periods at the last event. However, this is exactly as forecast.
Skim milk powder (SMP) offerings from NZ have lowered again from the previous auction (-8.6%), but are exactly in line with forecasts. Similar to WMP, product is more concentrated in contract 2 rather than spread across contract periods. A total of 6350t of SMP will be on offer.
The amount of butter on offer has dropped from that forecast to a total of 2375t. A total of 2500t was previously forecast. This is also a significant decline from the previous event (-23.4%). The declines have mainly occurred in contracts 1 and 2, which both dropped 50t from the volume forecast.
Anhydrous milkfat (AMF) volumes are also as forecast, though down slightly from the previous event (-1.5%). A total of 3350t of AMF will be on offer.
12 month forecasts
Forecast volumes for the remainder of the 2015-16 season have largely stayed as previously forecast. Butter volumes have been reduced by 1500t overall. Just over 3000t is forecast to be on offer for each month until May 2016.
Fonterra’s total 12 month offer volumes have been reduced by 0.2% to 706,287t.
Click here for a spreadsheet containing historic forecast volumes.
