The bad news continues for dairy farmers with the GDT price index seeing yet another drop at the latest dairy auction.
The overall price index fell 9.3% to US$1,815/MT at last night’s auction, with the biggest decline seen in Skim Milk Powder, which dropped a massive 14.4% to an average price of US$1,419/MT.
Fonterra’s other key product Whole Milk Powder (WMP) also showed significant losses, falling 10.3% to US$1,590/MT.
Other products also fared poorly with the Anhydrous Milk Fat index dropping 11.7% to US$2,253/MT, Butter down 6.1%, with an average price of US$2,293/MT and Butter Milk Powder falling 5.1%, to US$1,700/MT.
- Rennet Casein saw a decline of 2.7% to an average price of US$5,289.
- Cheddar was the only product to gain ground, rising just 0.2% to US$2,663.
- Lactose remained unchanged at US$535/MT.
- Some 46,527 tonnes of product was traded at the auction, up from 31,691 tonnes at the 16th July sale.
- This is the tenth consecutive fall for the GDT, which has been in a downward trend since March.