A restructured management approach that has put more onus on staff is paying dividends for farm managers Isaac and Michelle Johnstone.
In spot quotes from Australasian exporters, WMP prices retreated US$60/t to $US2,800/t following the massive US$210/t jump in the previous week. Cheddar prices fell US$25/t to$US3,450/t their lowest point in 6 weeks. Butter and SMP prices were unchanged from the prior week US$3,980/t and US$2,300/t respectively.
The Australian dollar ended the week lower at US$0.759, as the greenback rose in response to speculation of an official interest rate rise. The US dollar rose after the release of positive economic data, including jobless claims, manufacturing activity and pending home sales – which were seen as strengthening the argument for the Fed to raise interest rates.
These factors combined to prune 0.6 points from the index, which now stands at 180.9.
Note: - The index is an indicator of spot trends in gross export returns to the Australian dairy industry based on quoted Australasian dairy commodity export spot prices, movements in currency and the mix of total milk usage in product exports by the Australian industry.
This index was set at 100 on 1 January 2000.