Dairy commodity prices down 0.9 percent

NZPA

Wednesday 17th August 2011

Dairy commodity prices continued to slip at Fonterra's overnight online auction, with the GlobalDairyTrade trade weighted index dropping 0.9 percent, after falls of 1.3 percent and 5.1 percent at previous fortnightly auctions.

The average winning price at the latest event was $US3660 ($NZ4386) a tonne, down from $US3716 previously.

The trade weighted price for anhydrous milk fat dropped 0.3 percent, with the average winning price at $US4273, skim milk powder fell 0.8 percent with the average winning price at $US3438, and whole milk powder down 2.2 percent with the price at $US3385.

BNZ strategist Kymberly Martin said milk prices had held up relatively well. Prices had moved gradually lower in recent months, but were still up 19 percent on a year ago.

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