was consistent with the bank’s 2020\/21 milk price forecast of $7.90\/kg.<\/span><\/p>\n“Similarly, the result means that global dairy prices remain on the front foot heading into the new dairy season,” he said.<\/p>\n
After the previous auction late last month, Penny lifted his forecast for the upcoming 2021\/22 milk to $8.00\/kg.<\/p>\n
“The result further cements the bumper gains from earlier in the year,” he said.<\/p>\n
“All up, this result is consistent with our bullish milk-price forecasts for this season and next,” he said.<\/p>\n
Fonterra’s forecast for the current season is $7.30-$7.90 per kg, with a $7.60 midpoint.<\/p>\n
Mike McIntyre, head of derivatives at Jarden, said that while participation in the auction from North Asia was down on the previous sales, a more broad-based effort pushed through some of the “buyer fatigue” evident at the last trading event.<\/p>\n
The result suggested there was plenty of unsated demand, he said.<\/p>\n
He noted that some milk price forecasts for next season started with an $8 but said Fonterra was unlikely to be so bold when it makes its opening forecast for 2021\/22.<\/p>\n
“While the prices being achieved on GDT and shown on the NZX futures curve are certainly supportive of just such a forecast I would be surprised if the mid-point of Fonterra’s guidance, due out in three weeks’ time, would be quite so daring,” he said.<\/p>\n
Prices a this morning’s Global Dairy Trade auction dipped by 0.7 per cent drop across the board.<\/p>\n
But whole milk powder – which has the biggest influence on Fonterra’s farmgate milk price – rose 0.7 per cent to an average US$4,115 a tonne.<\/p>\n
Skim milk powder – Fonterra’s second-biggest reference product – lifted 2.0 per cent to an average US$3,433 a tonne.<\/p>\n
Buttermilk powder posted the biggest increase – up 14.4 per cent to an average US$4,222 tonne on low volume.<\/p>\n
All other reference products fell, with the biggest drop coming from butter – down 12.1 per cent to an average US$5,035\/tonne.<\/p>\n
Cheddar slid 4.5 per cent to an average US$4,274\/tonne, followed by anhydrous milk fat, which eased 4.2 per cent to an average US$5,730\/tonne.<\/p>\n
Lactose prices fell 2.0 per cent to an average US$1,236\/tonne.<\/p>\n
The ANZ World Commodity Price Index lifted 2.3 per cent in April to extend its record high.<\/p>\n
The increased in the index was driven by stronger prices for beef, lamb, logs and aluminium.<\/p>\n
Dairy prices plateaued in April at elevated levels, the bank said.<\/p>\n
Whole milk powder is now worth 46 per cent more than a year ago, while cheese prices were on a par.<\/p>\n
Butter prices are up 34 per cent from this time last year.<\/p>\n
“Strong global demand, which includes some rebuilding of stocks, combined with modest supply growth is currently supporting strong prices for milk powders and milkfat products,” ANZ said.<\/p>\n
The last auction for the current season is on May 19.<\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Dairy prices dipped a little at this morning’s dairy auction but they have mostly remained elevated, thereby confirming the high farmgate milk price forecasts, analysts […]<\/p>\n","protected":false},"author":3,"featured_media":113566,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\n
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