The whole milk powder price fell just 0.1% to US$3283 while skim milk powder was down 1.6% to US$2612.
Anhydrous milk fat was up 3.7% to US$5528 and butter gained 1.6% to US$4382 but butter milk powder was down 10.1% to US$2783.
Cheddar gained 1.3% to US$3940 but lactose lost 1.7% to US$813. Rennet casein was up 4.9% to US$6470.
“The results are indicative of the overall dairy market which is relatively balanced,” AgriHQ dairy analyst Susan Kilsby said.
“There is neither a shortage of dairy products nor an excess of product available.
“This situation is likely to persist for the next few months, during which time prices will most likely bob up and down from week to week.:
WMP prices lifted for the contracts with February or March shipping dates but prices softened in the later contracts resulting in a very flat forward price curve for WMP through to the end of Fonterra's 2017 financial year.
There was little reaction from the market to the GDT result. There was no trading activity on the NZX Dairy Derivatives market early this morning but offer prices for WMP remained at similar levels to yesterday.
The forward price curve for SMP is also very flat though there were slightly higher prices achieved for the July 2017 contract.
Fonterra product traded at a premium of about US$300/t over similar product offered by European dairy company Arla. Product offered by Amul – a dairy company from India – again traded at a higher price than Fonterra product.
Milk fat products were well supported. Milk fat products remained sought after because of strong demand in developed countries for natural products such as butter.
Butter milk powder had the biggest fall but that meant its price was now much more closely aligned to SMP, a similar product.
