Average prices of dairy products recorded their smallest decline in five sales at Fonterra's latest online auction, with whole milk powder leading the slide.
The GDT-TWI Price Index fell 0.9 per cent to US$3,660 a metric tonne, according to results posted on the globalDairyTrade auction website. That's the lowest since the December sale.
The Thomson Reuters/Jefferies CRB Commodity Index of 19 commodities sank to an eight-month low last week though prices have since recovered. In the domestic market, milk is to get greater scrutiny from the parliament, with the commerce select committee yesterday releasing terms of a wide-ranging inquiry that will run parallel with an officials' review.
Whole milk powder fell 2.2 per cent to US$3,385 a tonne and skim milk powder fell 0.8 per cent to US$3,438 a tonne.
Anhydrous milk fat fell by an average 0.3 per cent to US$4,273 a tonne and milk protein concentrate rose 5.9 per cent to US$5,965 a tonne. Rennet casein fell 0.3 per cent to US$9,473 a tonne. Butter milk powder rose 3 per cent to US$3,420 a tonne.
There were 102 winning bidders from 145 participants over 14 rounds. The platform has 355 qualified bidders, unchanged from the last auction.