Milk price index arrives | Gippsland Times

DAIRY farmers will be better able to understand and interpret commodity market price signals following the launch of the new Milk Price Index.

The index will provide independent and transparent market information to dairy farmers.

The index will be supported by a one-year forecast of prices that will be updated quarterly, along with regular global, national and regional commentary.

A Regional, Retrospective Farmgate Milk Price Index will accompany the index, with farmers urged to provide price data via an online form.

Federal Agriculture and Water Resources Minister David Littleproud said the index would provide farmers another source of dairy market information.

“Farmers will be able to see an index of commodity prices received by Australian dairy processors for cheese, butter, skim milk powder and whole milk powder exports,” he said.

“A Retrospective Farmgate Milk Price Index will also assist farmers. Once farmers begin providing prices via an online form, an index of actual prices received in each of the eight dairy regions will be built.

“The more dairy farmers take part, the better this index will be.

“The commodity milk price index will be an extra tool to help dairy farmers plan ahead, with more market information on commodity dairy prices and global conditions.

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Milk price index arrives | Gippsland Times.