GDT’s first milk auction of 2018 was up 2.2%

The average auction price this week was up 2.2%.

Key movers were:

WMP	up	4.2% to average US$2886 tonne
SMP	up	1.6% to average US$1699 tonne
Cheddar	down	2.1% to average US$3317 tonne

Meanwhile, Fonterra has revised its forecast New Zealand milk output down by 4% due to seriously dry conditions, which has hit milk output.  Fonterra has already reduced the volume of WMP offered for auction on the fortnightly GDT auction as a consequence of lower milk supplies.