Dairy Prices: Farmers Unlikely To See Repeat Of 2009 Milk Price In 2010
February 10th, 2010
Milk powder in Fonterra’s online auction declined for a second month amid expectations of increased output from northern hemisphere producers. Fonterra chairman Henry van der Heyden says he’s “neutral” on prices and expects “more volatility up and down” in 2010. The average price for whole milk powder fell 1.6% to US$3,256 a tone in this month’s auction. Fonterra will offer skim milk powder for the first time in its March sale.
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Kevin Wilson, ANZ National Bank’s rural economist says two months of declines is indicative of a market which is “reasonably steady at the moment.” Prices for dairy products weakened 2% in the ANZ Commodity Price Index, making it an outlier in a month where most commodities gained. Meat & Wool forecasts total lamb receipts in 2009/10 will fall almost 11% to $2.5bn.
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