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Dairy prices ease at global auction, butter toppled from record

Butter was toppled from its record high and wholemilk powder prices - against market expectations - fell 2.7 per cent at this morning's GlobalDairyTrade auction.

Overall, the GDT price index fell by 2.4 per cent, and prices fell for all products on offer apart from cheddar and rennet casein, which gained by 1.9 per cent and 0.9 per cent, respectively.

Whole milk powder prices, which have the greatest bearing on Fonterra's farmgate milk price, dropped to US$3037 a tonne from $3122 a tonne at the last auction on September 20.

Butter prices, which last month hit their highest point since the GDT platform started in 2008, fell 3.6 per cent to $5837 a tonne, and butter milk powder dropped by 10.3 per cent to $1804/tonne.

Among other price movements at this morning's auction, skim milk powder prices fell by 1.4 per cent to $1895 a tonne. Anhydrous milk fat fell 3.4 per cent to $6504 a tonne.

More at NZ Herald.

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