Average prices were US$3302/t with the GDT price index down 0.4% at last night’s auction.
The fall was driven by price declines in all commodities except skim milk powder.
Whole milk powder average prices eased to US$2969/tonne though the index was unchanged. It was the seventh consecutive decrease since March, NZX dairy analyst Rob Gibson said.
“Total offer volumes were up leading into the event with the softer average price likely a reflection of a lift in volumes sold and reduced buyer activity out of north Asia.”
SMP average prices lifted on the previous event to US$2430/t with the price index up 3.2%.
Offer volumes were down on the previous event with the lift in prices likely in response to reduced volumes sold.
Anhydrous milk fat average prices decreased to US$5433/t with the price index down 1.9%.
Butter’s average price decreased to US$4339/t with the price index down 4.8% on the previous event.
AMF prices were driven by a decrease in prices across all contract periods traded with the largest decrease -13% for July deliveries.
The rennet casein average price eased on the previous event to US$7221/t with the price index down 3.6%.
Lactose average price was US$866 with the price index down 1.1%.
“Since late 2016 the average prices at global dairy trade events, with the exception of late 2018, have generally held from US$3000/t and up to a peak of US$3656/t. The average price at this event remains around the midpoint of that range,” Gibson said.
