June 6, 2012

Fonterra sees average whole milk powder prices up 8.5%

Average whole milk powder prices up 8.5% as seen in its internet-based auction for June 5 by New Zealand's Fonterra Co-Operative Group Ltd., it said Tuesday (June 5).

The Auckland dairy multinational and the world's largest exporter of dairy products said the average selling price for whole-milk powder was US$2,763 a tonne.

Fonterra, which sells 40% of the world's traded dairy produce, is responsible for nearly a quarter of the country's merchandise exports, and its whole-milk powder auctions are closely watched by financial markets, particularly the foreign-exchange market.