Fonterra held another internet auction for two dairy products. Whole milk powder (WMP) gained an average of 3.6% and sold for an average of $1.62 per pound. However, the largest percentage gain for WMP came in the closest month delivery, February 2010, which rose 5.1%.
Anhydrous Milkfat (AMF) fell 8.6% - any guess on that is as good as the next.
Milk production in Oceania is not spectacular.
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At the same time this is happening, CME NFDM price increased to $1.4075.
ReplyDeleteFriday's NASS average NFDM was $1.1734.
The CME NFDM price hasn't been that low since early October!
Msybe the processors need to be REMINDED once more that they are only supposed to report the 30 day or less contracts!!!
Steve Barton