Fonterra today (6 January) suggested that its latest global trading event reflected a “greater market balance”, with prices for whole milk powder down 7%.
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The average price achieved across all contracts and contract periods for whole milk powder was US$3,309 per tonne – some US$251 per tonne lower than the December event, the New Zealand based dairy giant revealed.
Paul Grave, globalDairyTrade manager, said this represented a minor correction after five months of price rises, totalling 95%.
“This is one signal that the markets are now more closely in balance. The result is within the range of price movements we would expect to see in the current market environment,” he said. “Consumer demand is returning and global supply remains tight.”
For anhydrous milk fat, the average price achieved across all contracts and contract periods was US$4,539 per tonne, or 4%, higher than the December event.
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By GlobalDataOverall pricing decreased 5.5%.
