Butter prices continue record run, now 4% higher than the previous peak in June last year.
The Global Dairy Trade price index remained steady and unmoving after the latest auction, the effects of rises equalling falls in the prices of six dairy commodities traded.
The 0% index movement is a statistical oddity, considering the numbers of monthly offerings (six) and the widely differing tonnage weightings across the six product streams.
Mozzarella was the biggest improver on the night, at plus 5.1%, and anhydrous milk fats the biggest loser, at minus 1.8%.
Butter prices continued their record run, up a further 1.1% to US$7667/tonne, now 4% higher than the previous peak in June last year and showing no signs of slowing down.
With such strength in the prices of reference products, all eyes will turn now to Fonterra’s interim results on March 20, where it often updates its farmgate milk price forecast.
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