Prices increased for skim milk powder (SMP), buttermilk powder and lactose, and decreased for all other commodities.
The NZX Dairy Derivatives market had been anticipating the opposite result, a lift in all prices except SMP.
“Buying from North Asia was up compared to the August 18 GDT event, but slightly lower than the equivalent event last year,” NZX dairy analyst Amy Castleton said in a note.
“South East Asia-Oceania also increased the WMP volume bought at this event compared to the last event. The volume of WMP sold was lower than at the equivalent event last year, despite the same volume being on offer.”
SMP lifted 1%, defying market expectations that it would fall this time around.
Butter prices dropped 1.2%, furthering butter’s price slide this year. Anhydrous milkfat (AMF) prices eased 0.5%.
“The EU was the largest buyer of AMF at this event, doubling the quantity of AMF it bought at this event compared to the last event and also increasing the volume it bought compared to the equivalent event last year,” Castleton said.
“Volumes bought by North Asia and South East Asia-Oceania remarkably decreased on both the last event and the equivalent event last year.”
Overall, the quantity of product sold increased 13.8%, however this was achieved with similar numbers of participating and winning bidders as seen at the last event.
