Drop in prices for milk at the Fonterra auction in New Zealand
Dairy
New Zealand
Published Jul 8, 2022
Tridge summary
The price of a ton of whole milk powder fell again (3.3%) and stood at US$ 3,961, after the first auction in July by the New Zealand dairy company Fonterra. Except for Cheddar cheese, there were declines for all items listed on the Global Dairy Trade platform. The average index fell 4.1% compared to the last auction in June and closed at US$ 4,360 per ton. The volume sold grew 13%, in the same case as the previous comparison, and reached 23,461 tons.
Original content
Whole milk powder futures showed a low of $3,889 and a high of $4,273 per ton. In the reference auction, 10,074 tons were sold, a volume 2.5% higher than the previous auction and 8.5% less than the first tender in July 2021, recalled the Argentine Dairy Chain Observatory (OCLOA). This drop in the price of the product was pre-announced in the New Zealand futures market with a drop of 1.3% on Friday, July 1, and another 1.3% on Tuesday. In turn, skim milk powder fell 5.2% and US$ 4,063 was paid. In this case, the futures contracts showed a ...
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