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Fonterra dairy prices fall 0.9%, led by whole milk powder

Fonterra dairy product prices fall 0.9%, led by whole milk powder

Aug. 17 (BusinessDesk) – Average prices of dairy products recorded their smallest decline in five sales at Fonterra Cooperative Group’s latest online auction, with whole milk powder leading the slide.

The GDT-TWI Price Index fell 0.9% to US$3,660 a metric tonne, according to results posted on the globalDairyTrade auction website. That’s the lowest since the December sale.

The Thomson Reuters/Jefferies CRB Commodity Index of 19 commodities sank to an eight-month low last week though prices have since recovered. In the domestic market, milk is to get greater scrutiny from the parliament, with the commerce select committee yesterday releasing terms of a wide-ranging inquiry that will run parallel with an officials’ review.

Whole milk powder fell 2.2% to US$3,385 a tonne and skim milk powder fell 0.8% to US$3,438 a tonne. Anhydrous milk fat fell by an average 0.3% to US$4,273 a tonne and milk protein concentrate rose 5.9% to US$5,965 a tonne. Rennet casein fell 0.3% to US$9,473 a tonne. Butter milk powder rose 3% to US$3,420 a tonne.

There were 102 winning bidders from 145 participants over 14 rounds. The platform has 355 qualified bidders, unchanged from the last auction.

(BusinessDesk)

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