Despite a near 2% drop in the average selling price of whole milk powder (WMP) at last week’s GDT auction, the futures market for WMP in New Zealand has held relatively firm over the last week. Prices for July, August and September contracts of WMP were back less than 1% on the NZX derivatives market in the wake of the GDT and continue to hover around the $2,250/t mark.
Accounting for the bulk of milk utilisation in New Zealand, WMP prices have a significant say on farmgate returns and are the driver behind the GDT index.
ADVERTISEMENT
The drop in WMP prices at the most recent GDT auction was attributed to reports from New Zealand that milk production has proved more resilient this year, despite an expectation from markets for a significant drop-off.
Fine weather and timely rainfall led to good grass availability in New Zealand at the end of its summer season and helped support milk production.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Despite a near 2% drop in the average selling price of whole milk powder (WMP) at last week’s GDT auction, the futures market for WMP in New Zealand has held relatively firm over the last week. Prices for July, August and September contracts of WMP were back less than 1% on the NZX derivatives market in the wake of the GDT and continue to hover around the $2,250/t mark.
Accounting for the bulk of milk utilisation in New Zealand, WMP prices have a significant say on farmgate returns and are the driver behind the GDT index.
The drop in WMP prices at the most recent GDT auction was attributed to reports from New Zealand that milk production has proved more resilient this year, despite an expectation from markets for a significant drop-off.
Fine weather and timely rainfall led to good grass availability in New Zealand at the end of its summer season and helped support milk production.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS