The latest Fonterra Internet auction was held today. The average whole milk powder was down 1% while the average anhydrous (butter oil)was up 4%.
Skim milk powder (SMP) average was down 1.4%. Actually, nearby (July 2010)contracts were down but, August through October 2010 were up 1.8% at $1.81 per pound.
For comparison, the most recent NASS price (April 30, 2010) for NFDM was $1.18 per pound.