There was a fall in whole milk powder (WMP) prices, but prices for both butter and anhydrous milkfat (AMF) lifted and skim milk powder (SMP) was unchanged.
WMP prices had been expected to fall, as last week Fonterra both lifted its milk production forecast for the season and increased the volume of WMP it intends to offer on the GDT platform over the next three months.
WMP was a little more resilient than anticipated, however. WMP eased 0.9% overall at the October 16 GDT event.
Regular grade WMP to ship in December eased 0.7%, a little less than was anticipated by the NZX Dairy Derivatives market ahead of the event.
The derivatives market had expected this grade and contract of WMP to ease 0.9%.
The average price for WMP to ship in January actually lifted 0.8%, indicating there is some medium term need for product.
Butter prices lifted 2.4% overall. This is the first lift in the butter price index since June.
The price for unsalted butter to ship in December jumped 5.1%.
AMF lifted 1% overall, while SMP prices were unchanged.
