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Whole milk powder down at auction

NZ NewswireNZ Newswire 15/06/2016

The price of whole milk powder has dropped 4.5 per cent at Fonterra's latest GlobalDairyTrade auction.

The important commodity fetched $US2118 ($NZ3003) per metric tonne and overall the GDT price index was unchanged from a fortnight ago at $US2339.

Butter was up 5.3 per cent, cheddar up 6.9 per cent and skim milk powder up 1.5 per cent while butter milk powder was down 6.6 per cent.

"In the current environment it is difficult to see prices move substantially higher before the end of the year," AgriHQ dairy analyst Susan Kilsby said.

"Businesses participating at the National Fieldays currently being held in Hamilton will be disappointed with last night's results which will have done little to boost industry confidence," she said.

Still, the AgriHQ 2016-17 milk price has lifted to $4.75 on the back of stronger prices for dairy commodities futures.

The New Zealand dollar last traded at 70.64 US cents at about 2.18pm in New York, compared with 69.93 US cents at 5pm in Wellington the previous day.

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