Dairy commodity auction price falls
Prices dropped in last night's dairy commodity auction, with the GlobalDairyTrade's trade-weighted price index down 1.2 per cent overnight from the last sale two weeks ago.
The average winning price dropped from US$5042 (NZ$6150) a tonne to US$5016 (NZ$6037) a tonne.
Maximum supply, the measure of how much product is for sale, dropped from 36,098 tonnes to 34,998 tonnes, with a total of 34,568 tonnes sold.
The drop followed two consecutive rises in the dairy commodity price index at the last auction.
Whole milk powder, the biggest category by volume, dropped 0.3 per cent.
In the latest auction seven of the nine product categories fell, butter milk powder rose and lactose did not trade.
In last night's auction 191 bidders took part, with 130 winning bidders, and 793 qualified to bid.
American company Land O'Lakes will begin offering skim milk powder on the online auction from March 4, and butter later in 2014.
GlobalDairyTrade is owned by Fonterra, with Fonterra products representing 89 per cent of the product sold in the fortnightly auction.
US, Australian, Indian, European and Scandinavian dairy companies also sell their products on the independent platform.