Saturday, March 30, 2024

All prices up at GDT

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Dairy commodity prices lifted across the board at last night’s Global Dairy Trade auction with the overall index up 2.7%.    
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Whole milk powder was up 0.9%.

Fonterra lifted its WMP offer volumes ahead of the sale but solid demand seems to be absorbing anything NZ has to offer at the moment, AgriHQ dairy analyst Amy Castleton said.

There was 31% more WMP sold last night than on April 3, with buyers taking nearly everything that was available.

Anhydrous milk fat (AMF) made a recovery after dropping 7% on April 3. The AMF price index lifted 5.3%. Regular grade AMF to ship in June lifted 5.2%.

However, the derivatives market had expected a 7.4% lift in this grade and contract of product ahead of the event.

Butter prices lifted another 2.9%. Unsalted butter to ship in June was up 2.3%, a smaller lift than predicted by the derivatives market, which expected a 4% increase.

Butter reached an average price of US$5654 a tonne. It was last at that level in late October.

The skim milk powder price index lifted 3.6%.

“New Zealand SMP continues to command a premium over European product though prices for European SMP did also lift.”

Medium heat SMP offered by Arla largely sold for US$1770/t compared to US$1935/t for Fonterra product.

Cheddar prices lifted 4.6% and rennet casein was up 3.1%. Lactose prices bounced 14.8%, reaching an average price of US$687/t. That is an increase of 73% since January.

The 102 winning bidders bought 19,262t of products.

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