The New Zealand dollar reached a six-month low overnight which will more than compensate for the 1.6% drop in the trade weighted index in Fonterra’s globalDairyTrade auction.
|Changes in Price Indices|
|Anhydrous Milk Fat (AMF)||
|Butter Milk Powder (BMP)||
|Milk Protein Concentrate (MPC70)||
|Rennet Casein (RenCas)||
|Skim Milk Powder (SMP)||
|Whole Milk Powder (WMP)||
|All Products (Trade-Weighted)||
Prices are still above the long term average but this is the eight consecutive drop in trade weighted price on the GDT auction platform.
It is also the first time Dairy America products have been in the auction, not that there is a link between those two factors.