New Zealand co-op Fonterra’s latest auction on the Global Dairy Trade portal brought mixed results to the dairy complex. While all protein heavy ingredients like rennet casein and skim milk registered price gains, most of the fat complex trended lower.
Casein prices rose 4.6 percent while skim held steady increasing 0.7 percent. On the flip side, anhydrous milkfat (down 1.5 percent), cheddar (down 0.8 percent) and whole milk powder (down 0.8 percent) all moved lower. Only butter pricing was unchanged.
These results are broadly consistent with price action and trends seen in 2019, with protein complex in higher demand and trending higher while fat demand appears to be waning.
Fonterra GDT auction results, price change
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