FX.co ★ New Zealand Global Dairy Trade Price Index Falls 3.4%

The Global Dairy Trade Price Index fell 3.4% in the two weeks to April 7, breaking a six-auction streak of gains, with the average selling price at $4,228 per tonne. In the latest auction, 16,497 tonnes of dairy products were sold. The decline was driven primarily by sharp drops in butter (-8.1%), anhydrous milk fat (-7.1%), and mozzarella (-6.2%). More moderate decreases were recorded for cheddar (-3.1%), milk powder (-1.6%), whole milk powder (-0.7%), and lactose (-0.6%). These losses were only partially offset by a 0.7% increase in buttermilk powder. At the previous auction on March 17, the index had inched up by 0.1%.