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Tuesday, December 12, 2017
 Dairy Prices Fall at the First Global Dairy Trade Auction in 2017  

Dairy prices have gotten off to a disappointing start in 2017 as the GlobalDairyTrade index fell by 3.9% at the first  auction of the year. The drop follows a decrease of 0.5% at the last auction of 2016.

 

Prices for the benchmark whole milk powder were down 7.7%, at an average of $3,294 a ton. Another important reference product – skim milk powder – rose by 2.3% to $2,660 a ton, the highest point since March 2015 and cheddar prices extended gains up 1.4% over the last auction, to $3,894 a ton, the highest level since July 2014.


Although even with the drop in whole milk powder prices - whole milk powder and skim milk powder prices have risen by 52.2% and 41.3%, respectively, over the past 12 months.


A broker and partner at dairy specialist Rice Dairy, said the outlook remained favorable, despite the weaker auction result.


“New Zealand skim milk powder prices are significantly higher than the rest of the world’s, so there are downside risks,” he told the media.


“Right now it keeps moving higher. I think it [the firming trend] persists.


“Another thing to look at is that Australian production is really down, so I think that only helps to serve the cause.”


Another commodities house, HighGround Dairy, said a strong rise in China’s dairy import volume, along with a contraction in global supply, was expected to support dairy commodity prices in 2017.
“While the primary commodity imports [whole milk powder and skim milk powder] remain well below their highs from 2013, the incremental growth and recent spike in categories such as whey products, infant formula, fluid milk and cream and cheese could keep underlying support to all commodities until production growth returns,” HighGround said.


A total of 22,396 tons of product was sold at the January 3rd auction, an increase of 0.3 percent from the previous one, while the number of bidders was the lowest in 15 auctions. The next event is scheduled for January 17, 2017.

Source: GlobalDairyTrade
 


Posted on Friday, January 06, 2017 (Archive on Friday, January 13, 2017)
Posted by bholcomb@adpi.org  Contributed by bholcomb@adpi.org
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