Dairy prices down
Average dairy commodity prices have fallen by 1.2 per cent on Fonterra’s overnight Global Dairy Trade online auction platform.
The softening follows a slight rise in prices on the last auction a fortnight ago, which was preceded by eight auction price falls.
Fonterra, New Zealand’s biggest company, late last month chopped 45c/ kg milksolids off its forecast milk payout for the 2011- 2012 season on the back of the price easings.
The payout forecast now comprises a milk payout of $ 6.30/ kg down from $6.75.
Average wholemilk powder prices fell 0.8 per cent to US$3487 a tonne overnight, while skim milk powder was up 0.2 per cent to US$3292.
The anhydrous milk fat average price was down 9.3 per cent to US$3309, the average butter milk powder price fell 2.2 per cent to US$2934 and cheese fetched 3.2 per cent less than last auction at US$3406.
There were 149 participating bidders out of 463 qualified buyers.