Fonterra auction sees first increase since February
The most recent Fonterra auction, which took place yesterday, showed a 0.9% increase in the overall auction index, as the auction index for WMP made its first increase since February.
The average price for all products across all contracts now stands at US$3,807/tonne, according to DairyCo. The gDT TWI index shows a 0.9% increase compared to the previous auction. The average weighted butter price was up 1.8% from the last auction, at $3,699/tonne.
It goes on to say that WMP averaged $3,658/tonne across all contracts, up 2.4% on the last auction. The weighted SMP price was down 0.2% from the previous auction, at $3,855/tonne. The price for Cheddar was up 2.4% on the last auction, at $4,381/tonne. AMF (Anhydrous Milk Fat) decreased by 3.8% on the previous auction, to an average of $3,898/tonne. The BMP (Butter Milk Powder) price rose by 17.0% to $4,535/tonne. Prices for Casein averaged $11,155/tonne, up 4.6% from the previous auction.
Earlier this month, Fonterra auction results recorded an average price across all contracts at $3,756/tonne, a reduction of 4.2% compared to the last auction. On average, prices for WMP fell 8.5% across all contracts while butter remained stable and SMP increased (on average 2.1% across all contracts).