The final bulk raw milk delivered auction (as specified in Australian milk price initiative standardised ingredient specification raw milk) will be held on the Mercari platform on November 17th, 2022 at 2pm Sydney time.

Therefore there will be 7 further auctions on the 18th August 2022, 8th & 22nd September 2022, 6th & 20th October 2022, and the 3rd & 17th November 2022. (The market being available 2.00-2.30pm Sydney Time on two Thursdays of each month).

Mercari’s participation in the initiative was to support AMPI in providing the dairy industry with an electronic market place for the enablement of centrally discoverable price transparency for market participants. Mercari is pleased that the success of the Q2 and Q3 2022 auctions have been able to demonstrate a methodology by which this ongoing price discovery and transparency could be achieved.

Mercari provides market participants with the ability to buy and sell raw milk delivered via monthly contracts with available delivery dates from 2 months up to 4 quarters out. Markets are provided in three regional pricing zones in Victoria; Western, Northern, and Eastern. Regional zone to regional zone (spread) markets are also available in the nearby 2 month delivery contract.

Mercari is confident that the industry can move forward with this market initiative which has the potential to deliver ongoing benefits along the whole value chain. We would like also to take this opportunity to congratulate AMPI who has worked consistently on this venture.

We recognise that the dairy industry is a significant contributor to the Australian agricultural economy and we are certain that if this initiative can be extended throughout the industry, valuable efficiencies will be achieved throughout the full value chain.