Fonterra said it was further reducing its GlobalDairyTrade offer quantity forecasts for the next 12 months.

The move follows Fonterra's announcement last month that it would significantly reduce its GlobalDairyTrade (GDT) offer.

In its latest statement, Fonterra said forecast offer volumes over the next 12 months for New Zealand products have been decreased by a further 22,050 tonnes with a 15,200 tonne decrease occurring over the next three months and 7,850 metric tonnes of planned volumes being removed later in the year.

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"This further reduction as the result of lower forecast milk supply in New Zealand and a change in product mix away from base milk powders," the co-op said.

Wholemilk powder prices offered by Fonterra on the GDT auction is the main contributor to the change with a 8,400 tonnes decrease over the September to November period and a further reduction January to March of 7,500 tonnes.

Skim milk powder is the second largest contributor with a 6,000 tonne decrease from October to January 2016. Anhydrous milk fat also being reduced 1,150 metric tonnes from September to August 2016.

See recent changes in the GDT index here:

Fonterra said that while its GlobalDairyTrade (GDT) offer quantities and forecasts were "genuine estimates" of product availability, "they can change as our view of future events or trends in supply and demand factors change".

GlobalDairyTrade prices have rallied since Fonterra's August announcement on August 13. At the last sale, wholemilk powder prices rose by 12.1 per cent to US$2,078 a tonne.