Global dairy commodity prices have continued to rise, posting a slight lift in the latest Global Dairy Trade (GDT) event, according to a global media report.
Prices were up 0.9 per cent to an average price of US$3,271 per tonne at the February 19 GDT auction, with increased volumes behind the relatively small lift. The index has continued to increase since the December 5 GDT event in 2018.
Prices increased for all commodities except lactose (-2.9 per cent) and WMP (-0.2 per cent).
However NZX Dairy Derivatives analyst Robert Gibson said the results were slightly down on what was expected.
"Overall, while the direction of change was in line with the NZX Dairy Derivatives market expectations leading into the event, the final results were not as bullish as expected," he said.
Whole milk powder (WMP) prices at the February 19 GDT event decreased 0.2 percent to US$3,022/t, down from US$3,027/t at the previous event.
"Leading into this event offer volumes for WMP were up 15 percent on the previous event, and up 48 percent on the previous year. The increase in volumes available is likely to have moderated the any further lift in WMP prices," said Mr Gibson.
Skim milk powder (SMP) prices at February 19 GDT lifted 2.8 percent on the previous event to US$2,580/t SMP offer volumes leading into this event were up on the previous event (+9.9 per cent), and up on the previous year (+46 per cent).
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