Dairy product prices declined at the Global Dairy Trade auction, retreating for a third straight time, led by whole milk powder.
The GDT price index dropped 3.8 per cent from the previous auction two weeks ago. The average price was US$3208 a tonne, compared with US$3423 a tonne two weeks ago. Some 24,239 tonnes of product was sold, up from 19,874 tonnes two weeks ago.
Whole milk powder slid 4.3 per cent to US$3006 a tonne.
"This is the sixth consecutive decrease in the whole milk powder price index, with price levels decreasing significantly across all contracts," NZX dairy analyst Robert Gibson said in a note. "Softer prices likely reflecting a lift volume driven price decreases in response to more product being sold compared with the previous event."
At the latest GDT auction, butter dropped 5.7 per cent to US$4553 a tonne, while cheddar shed 4.3 per cent to US$3781 a tonne.