Dairy commodity prices appear to level out after 63% fall
20th Feb 09, 11:34am
International export prices for dairy products stopped falling in the past two weeks, with the average price per tonne of whole milk powder staying at US$1,850, data sourced from Agridata shows. This was still 63% below its peak in October 2007. The New Zealand dollar price was stable at NZ$3,630. Average butter prices matched those of whole milk powder, while the average price for skim milk powder stayed at US$1,750 (NZ$3,434). Cheddar cheese prices remained at an average of US$1,950 (NZ$3,827). New Zealand dollar prices were stable as the NZ dollar at February 5 and 19 was just below 51 USc. However it did jump above 54 USc for a short period in between. Fonterra's Managing Director of Global Trade Kelvin Wickham said in early February they believed the market had troughed.