Fonterra’s Global Dairy Trade for dairy products saw prices drop by 7.3% in the latest auction, which took place today (Wednesday).

The fall comes on the back of an unchanged auction just two weeks ago. Today’s, fall was driven by a 10.0% decline in the auction index for WMP, although prices for all products across all contracts declined from the previous auction.

The average price for all products across all contracts now stands at US$2,599/tonne.

According to DairyCo key points from today’s trade includes:

The gDT TWI index fell by 7.3% compared to the previous auction.
The average weighted butter price was down 6.6% from the last auction, at $2,514/tonne.
WMP averaged $2,443/tonne across all contracts, a decrease of 10.0% on the last auction.
The weighted SMP price was down 2.7% from the previous auction, at $2,540/tonne. The average price for UK SMP was $2,535/tonne, with the price having fallen slightly less than similar products offered for the same contract.
The price for Cheddar was down 1.2% on the last auction, at $3,028/tonne.
AMF (Anhydrous Milk Fat) price decreased by 5.0% on the previous auction, to an average of $3,117/tonne.
The BMP (Butter Milk Powder) price fell by 11.3% to $2,723/tonne.
Prices for Casein averaged $8,224/tonne, down 1.4% from the previous auction