Dairy product prices have declined at the Global Dairy Trade auction, easing for the fourth time in five auctions.
The GDT price index fell 0.4% from the previous auction two weeks ago to $US3339 ($4612).
Whole milk powder slid 0.6% to $US3143 ($4347) a tonne.
Lactose dropped 4.9% to $US747 a tonne, while butter fell 1.3% to $US5735 a tonne, and anhydrous milk fat slipped 1.2% to $US6199 a tonne.
“Offer volumes of milkfats are set to decline slightly over coming months, while Fonterra directs milk into added-value products and whole milk powder over New Zealand’s peak milk-producing months,” Agri HQ dairy analyst Susan Kilsby said.
“However, buyers have not taken notice of this yet and are relying on more fat being available from New Zealand as it lifts its milk production this season.” Meanwhile, skim milk powder added 0.3% to $US1968 ($2721) a tonne.
Skim milk powder “prices have been effectively flat in Europe for some weeks now, which is flowing through to Oceania prices”, Ms Kilsby said.NZN