Fonterra’s online auctions to include cheese
Fonterra announced this week that cheddar cheese would be offered for sale on its globalDairyTrade electronic trading platform from the 19 July event.
The addition will expand the range of products available on the platform to seven, including Whole Milk Powder, Skim Milk Powder, Butter Milk Powder and Anhydrous Milk Fat. Fonterra will begin offering Milk Protein Concentrate and Rennet Casein from the 17 May event.
Ian Palliser, Director of Optimisation, Trading and Sourcing, said adding cheese was in line with Fonterra’s plans to provide customers with a wide range of products on a world class platform.
“GlobalDairyTrade is the trusted price discovery mechanism for globally-traded dairy products,” Palliser said.
The cheese to be offered is a dairy ingredient requiring further processing and is not a product that can be sold at retail.
The company’s online trading has been a success, with the July 5 event marking the initiative’s third birthday.
“Since launch it has developed into a highly efficient market with sales to date totalling US$3.3 billion,” said Palliser. “It currently trades around 630,000 metric tonnes, or around 25% of Fonterra total sales, each year and has more than 300 registered bidders from 58 countries.”
