The GDT price index rose 0.5% from the previous auction two weeks ago. It was the smallest increase since November. The average price was US$3447 a tonne, compared with US$3483 a tonne two weeks ago. Some 16,166 tonnes of product was sold versus 17,854 tonnes two weeks ago.
Whole milk powder – which makes up the bulk of the auction – fell 0.7% to US$3269 a tonne. It has fallen about 1.4% the past month.
“The decline in overall prices continues to reflect easing demand across our markets, particularly North Asia,” NZX dairy analyst Robert Gibson said in a note. While average prices eased for milk powders, they lifted for milk fats and cheese, he said.
At the latest GDT auction, butter climbed 3.5% to US$5544, while anhydrous milk fat rose 4.2% to US$6126 a tonne and cheddar increased 1.4% to US$4319 a tonne. Butter milk powder and sweet whey powder were not offered.
Skim milk powder advanced 0.2% to US$2462 a tonne. Lactose fell 3.4% to US$912 and rennet casein fell 2.4% to $6460 percent a tonne.
There were 94 winning bidders out of 155 participating at the 15-round auction. The number of registered bidders was 527, up from 521 at the previous auction.
-BusinessDesk
