The average price for whole milk powder (WMP) eased 1.6 per cent, or US$53 ($72) per tonne in Fonterra's internet-based auction this morning, compared with last month's auction.
The average price across all contracts and contract periods for WMP was US$3256 per tonne, with prices ranging from US$3175 to US$3355.
Fonterra's global dairy trade manager Paul Grave said the result was within the range of price movements expected in the current market environment and signalled that the market was in reasonable balance.
"It is encouraging to see that prices remain relatively stable in a range that is high by historic standards," Mr Grave said.
"This result is positive given that over the last month dairy prices have been under pressure in Europe and the US."
For anhydrous milk fat (AMF), the average price across all contracts and contract periods was US$4183 per tonne. This was US$356 per tonne, or 7.9 per cent, lower than the January event.
Overall pricing decreased 2.4 per cent across both AMF and WMP.
The next global dairy trade auction will be on March 2 and will include sales of skim milk powder.
- NZPA
