Dairy prices slip slightly in latest auction

Prices for whole milk powder were up 0.7 percent.
Prices for whole milk powder were up 0.7 percent. Photo credit: Getty

Dairy prices slipped slightly in the latest Global Dairy Trade event, down 0.7 percent.

The average price for commodities was US$4162 per metric tonne (MT).

It follows a drop of 0.1 percent in the previous auction two weeks ago.

Despite the overall dip in prices, whole milk powder - the most important commodity for New Zealand farmers - was up 0.7 to US$4115/MT.

Butter prices tumbled 12.1 percent to US$5035/MT, while cheddar was down 4.5 percent to US$4274/MT and anhydrous milk fat fell 4.2 percent to US$5730/MT.

Lactose was down 2 percent to $US1236/MT.

The biggest increase in price was for butter milk powder, which was up 14.4 percent to $US4222/MT. Prices for skim milk powder were also up, rising 2 percent to US$3433/MT.

A total of 22,020 metric tonnes of product was sold at the auction.