Fonterra Milk Powder Prices Unexpectedly Rise
9 marzo, 2010
The price of whole milk powder unexpectedly rose this month in Fonterra Cooperative Group’s online trading auction, though long-term contracts were weaker, hinting that the slight gain may be a blip.
The average price for whole milk powder rose 0.8% to US$3,281 a tonne, according to the globalDairyTrade website managed by CRA International, that’s 79% higher than the low in July. Still, prices for the third contract, when powder between September and November this year, fell 2.5% to US$3,204 a tonne.
“The difference between short-term contracts rising and long-term contracts falling was interesting,” said Doug Steel, economist at Bank of New Zealand. “Prices aren’t going to tear away upwards any time soon.”
The gain in whole milk powder was the first this year after a 1.6% fall last month and dropped 7% in January. Dairy prices fell 7.6% last month, according to the ANZ Commodity Price Index, after they surged last year and underpinned the series’ performance.
Steel said it’s too early to say whether the gain in whole milk powder this month is indicative of a longer trend, though it does damp some of the downward pressure ahead of the Northern Hemisphere boosting production.
Paul Grave, globalDairyTrade manager, said the result was pleasing,
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