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Global dairy prices rose at the latest GlobalDairyTrade (GDT) auction, driven mostly by double-digit gains in whole milk powder and butter milk powder and well ahead of market expectations.
Overall, the GDT price index gained 12.7 percent since the last sale on August 3. Further, whole milk powder prices, which have the biggest bearing on Fonterra's farm gate milk price, rose by a whopping 18.9 percent to USD2695 a tonne, which is well above futures market pricing which suggested a 10 percent gain was on the cards.
Further, global dairy prices have risen nearly 17 percent in four weeks, an encouraging sign for a sector weighed down globally by low prices and growing stockpiles of cheese and milk powder.
In addition, New Zealand, the world’s largest dairy exporter, saw production fall 1.6 percent in the year to May 31, while production in Australia fell 2.0 percent in the year to June 30. In Europe, production is slightly higher year over year, but not at levels seen earlier this year, according to data from the European Commission.
According to Dairy Chairman Andrew Hoggard, prices were rising because farmers in New Zealand and abroad were scaling back production, stockpiles were reducing and demand was stronger. A couple more increases, followed by stability, would make farmers hopeful of a better payout and already it looked as though it would at least not drop further, he added.
Meanwhile, price rises were across the board with butter milk powder rising by 18.1 percent to USD1983 a tonne and butter rising by 14.1 percent to USD3274 a tonne.
