The New Zealand Global Dairy trade is down 3.1% this week, with milk powders the main losers.
Fonterra’s Global Dairy Trade auction saw butter increase by 6%, while cheddar was up 5%. But SMP was down 5.7% while whole milk powder (WMP) was down 5.1%.
Butter has been falling steadily since early March, when it traded at $4,746/t. Today, it sold for $2,656/t.
Skim milk power today traded for $2,299/t, down from a high of $4,868/t in December 2013. Whole milk powder today was sold for $2,400/t, down from $4,999/t in February of this year.
While cheddar was up 5% at $2,861/t, it told for $4,381 in March 2014 and $5,133 in January 2014. The average price across all products was $2,561/t and 39,163t were told on the day.
The previous trading, on November 4, was also back, by 0.3% and this came after a slight rise in prices (1.4%). The next trading event is December 2.