Prices up at Global Dairy Trade auction, but rise lower than expected
Today’s Global Dairy Trade saw overall prices rise, but the rise was lower than expected in some quarters.
Overall prices were up 1.4pc on the last auction of October 4, but overall prices remained under the important UD$3,000/t mark at US$2,965/t.
The main price movers in the auction were WMP which was up 2.9pc and lactose which was up 5.6pc.
However, SMP was down 0.3pc and cheddar was down 3.7pc.
Recent bad weather in New Zealand had been expected to push dairy prices higher at the Global Dairy Trade auction.
Last month GDT prices dropped by 3pc and WMP prices fell by 3.8pc, but some commentators predicting WMP prices to lift by as much as 6-8pc, in light of the bad weather in the North Island.
Billed the ‘Big Wet’, the past couple of months has seen unseasonably bad weather, the North Island has been hit with a wet winter, the like of which has not been seen in over 10 years.
Some parts of New Zealand experienced rainfall at 150pc of average September rain fall, with up to 154mm of rain falling in some parts.