Prices of dairy products fell in Fonterra's latest GlobalDairyTrade auction, the first decline in four sales, led by whole milk powder and cheddar.
The GDT-TWI Price Index dropped 2 per cent compared to the last sale two weeks ago. The average winning price fell to US$3,290 a metric tonne from US$3,348 a tonne in the last auction. Whole milk powder, the biggest product by volume, fell 3.5 per cent to US$3,170 a tonne and cheddar dropped 2.4 per cent to US$3,372 a tonne.
The sale is the first since the debut of units in the Fonterra Shareholders' Fund on the NZX, which have jumped about 23 per cent to $6.75 since listing last Friday, having sold in an initial public offering at $5.50. Today's sales gives unitholders an update on global pricing of Fonterra's products and may be reflected in the units when they resume trading today on the NZX and ASX.
The total volume sold rose to 52,596 tonnes from 48,335 tonnes two weeks ago.