Whole milk powder (WMP) prices jumped 2.2%.
Regular grade WMP to ship in August was up 4.5%, a better result than the 3.4% increase the NZX Dairy Derivatives market had been anticipating, NZX dairy analysts said in a note.
“Prices lifted across all contract periods except for that to ship in September.
“North Asia bought more WMP than it did at the June 2 event, but bought considerably less than it did at the equivalent event last year. South East Asia/Oceania bought more WMP than at both the previous event and the equivalent event last year.
Skim milk powder (SMP) prices rose 3.1%. All contract periods for which SMP was offered lifting in price.
“Fonterra last week shifted SMP volume off GDT events from July to January and into events from February to May, which it said is to better match market demand.
“The expected decline in volume looks to have provided some support to SMP prices, at least for now.”
Anhydrous milkfat (AMF) prices lifted 0.8%.
Butter was the only product to lose ground, slipping 1%.
Lactose saw a 0.4% lift and cheddar prices gained 1.4%.
