The trading manager, CRA International, advised that average prices across all contracts and contract periods were as follows:

US $ per tonne FAS % change

Anhydrous Milk Fat 4,681 9.5

Skim Milk Powder 3,197 15.8

Whole Milk Powder 3,522 18.8

Paul Grave, globalDairyTrade Manager, said the result appeared to indicate a firmer tone has returned to the market over the last month.

The next globalDairyTrade trading event will be held in two weeks’ time on 15 September 2010.

“Having two events a month will provide a lot more visibility when it comes to assessing the market direction,” Mr Grave said.

For full results see www.globalDairyTrade.info.

NZX has announced its Whole Milk Powder futures contract will commence trading on 8 October. The contract will use globalDairyTrade Whole Milk Powder Contract Period 1 as the reference price for cash settlement.

“Fonterra continues to work with a number of leading dairy companies to explore the opportunity for them to participate on the globalDairyTrade platform. Adding new sellers will require all companies involved to comply with applicable regulatory regimes. “We remain hopeful that new sellers will be added to the platform sometime in 2011.”