Fonterra auction to go fortnightly
Fonterra's globalDairyTrade on-line auction is to be held twice a month from September.
Kelvin Wickham, Fonterra managing director global trade, said
this was a significant milestone that highlighted the trading
platform's success as a credible price discovery mechanism.
“This will add more depth and credibility and even more transparency around pricing trends,” he said.
“With a more frequent pricing signal, market participants will be
able to have even more confidence they have up-to-date information on
the current balance of supply and demand.”
From August, one new
product, buttermilk powder (BMP), will be added as well as new
specifications of two existing products – high heat/heat stable skim
milkpowder (SMP) and anhydrous milk fat (AMF) in 1000kg bulk packs.
To
date, sales through the platform total 500,000 metric tonnes worth
US$1.5b. The current forecast is to sell 530,000t of
product over the next 12 months, or approximately 24 percent of
Fonterra’s New Zealand production.
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