Dairy prices hold steady at the latest Global Dairy Trade
The latest Global Dairy Trade auction has held steady on the previous auction with no change in overall dairy prices.
At today’s event, the average price paid for dairy products was US$2,336/MT with 31,348t of product traded.
Whole milk powder (WMP) posted the strongest increase in prices at the Global Dairy Trade, with a 1.9% increase in prices. Rennet Casein (RenCas) posted the next highest increase (0.4%) followed by anhydrous milk fat (AMF) (0.2%).
Skimmed milk powder (SMP) prices were down 1.1% while butter was also down 5.0%.
Earlier this week, ASB Bank in New Zealand said that the futures market pointed to a lift in prices but that Global Dairy Trade prices were taking their time.
It also expected for WMP prices to lift by between 0-2% at the latest auction.
- AMF index up 0.2%, average price US$3,628/MT
- Butter index down 5.0%, average price US$2,687/MT
- BMP index down 0.5%, average price US$1,565/MT
- Ched index down 1.1%, average price US$2,886/MT
- LAC index down 4.0%, average price US$721/MT
- RenCas index up 0.4%, average price US$5,286/MT
- SMP index down 1.1%, average price US$1,927/MT
- WMP index up 1.9%, average price US$2,079/MT
Meanwhile, the latest figures from the EU Milk Market Observatory (MMO) show that Ireland offered 1,054t of skimmed milk powder (SMP) into the public intervention system for the week ending July 10.
In total for that week, some 8,849t of SMP was offered to the measure. This brought the total quantities in intervention to 229,365t.
Since January 1 this year, Ireland has offered 28,378t of SMP to the measure at fixed-price and 6,324t via tender.
Including the quantities bought-in at fixed price and via tender, the total SMP volumes stand as 307,891t.
Yesterday, the European Commission unveiled €500m aid package for the EU Agriculture sector with particular emphasis on the dairy sector.
As part of this package, the Commission announced the extension of public intervention for Skimmed Milk Powder and private storage aid schemes to February 2017.