WMP prices gained 1.5% on average. The gains came from later contracts, i.e. those due for shipment from March to May. Nearby contracts which ship from December to February declined in price, by 5.7%, 0.6% and 0.2% respectively.
Fonterra contract 2 regular WMP sold for US$2440/tonne. Prior to the auction, WMP November futures on the NZX Dairy Derivatives market traded at US$2580/t.
SMP prices declined by 1.2%. Prices of contracts 2 and 3 declined by 1.0% and 1.4% respectively. Contracts 2 and 3 feature 83% of Fonterra's offer volumes and all product from other sellers. Prices of contract 4 which ships in March declined by 4.5%, while the two farthest contracts 5 and 6 gained 0.2% and 6.0% respectively. Contracts 4 – 6 comprised of volumes solely from Fonterra.
Fonterra contact medium heat SMP sold for US$2370/t. SMP November futures on the NZX Dairy Derivatives market traded at US$2440/t prior to the auction.
Anhydrous milkfat (AMF) prices dropped by 1.6% on average. Prices declined more markedly in nearby contracts, by 2.1% for product due to be shipped in January 2015 and 1.3 – 1.4% for product shipped from February – April.
Fonterra contract 2 regular 210kg drum AMF sold for US$3200/t. On the NZX Dairy Derivatives market, AMF November futures traded at US$3400/t.
