The Australian dairy export index continued to recover some of its recent lost ground over the past couple of months, with stronger commodity prices and a weaker Australian dollar.
In average spot quotes from Australasian exporters, commodity prices were higher, taking their cue from last week’s GDT auction. WMP was steady at US$3,200/t, SMP firmed US$15/t to US$2,040/t. Butter added US$10/t to average US$4,900/t, but cheddar prices put on the strongest gains, $150/t higher this week, averaging US$3,600/t.
The Australian dollar again ended marginally weaker at US$0.7484, the combined effect adding more than 5 points to the index, which now stands at 193.7.
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.