Dairy prices fall again in GDT auction
Prices fell again in last night's dairy commodity auction.
The GlobalDairyTrade's trade-weighted price index dropped 5.2 per cent overnight compared with the last sale two weeks ago.
The average winning price dropped to US$4563 (NZ$5286) a tonne from US$4794 a tonne.
Maximum supply, the measure of how much product is for sale, dropped from 42,037 tonnes to 39,806 tonnes, with a total of 39,008 tonnes sold.
Last night's drop was the third consecutive fall in dairy commodity prices and means the index has fallen from 1482 on February 14 to 1332 today.
Anhydrous milk fat and rennet casein both dropped 10.7 per cent to a weighted average price of US$4578 a tonne and US$10,533 a tonne respectively.
Whole milk powder, the biggest category by volume, had the next-biggest fall, down 5.8 per cent to a weighted average price of US$4439 a tonne.
In the latest auction six of the nine product categories fell, lactose did not trade.
Butter milk powder and milk protein concentrate both posted price gains.
In last night's auction 187 bidders took part, with 142 winning bidders, and 747 qualified to bid.
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.