Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Dairy product prices rise 0.7 percent in GDT auction

Dairy product prices rise 0.7 percent in GDT auction, whole milk powder falls

Nov. 21 (BusinessDesk) – Prices of dairy products rose in Fonterra’s latest GlobalDairyTrade auction, the third straight gain on the sales platform, led by cheddar and anhydrous milk fat while milk powder prices fell.

The GDT-TWI Price Index rose 0.7 percent compared to the last sale two weeks ago. The average winning price gained to US$3,348 a metric tonne. Whole milk powder, the biggest product by volume, fell 1.9 percent to US$3,276 a tonne and skim milk powder dropped 1.7 percent to US$3,402 a tonne.

Fonterra’s brokers may be cheered as the gains come as it enters the bookbuild for the $525 million Fonterra Shareholders' Fund, which gives outside investors access to the cooperative’s dividend payments. The auction comes as the Thomson Reuters/Jefferies CRB Commodity Index of 19 commonly traded commodities is at its highest level in a month, having gained 1.6 percent overnight.

The total volume sold fell to 48,335 tonnes from 54,106 tonnes two weeks ago.

Anhydrous milk fat rose 1.2 percent to US$3,066 a tonne and cheddar jumped 12.4 percent to US$3,436 a tonne. Only one contract date traded for butter milk powder, due Feb. 13, at a price of US$3.615. Lactose wasn’t offered for sale.

Milk protein concentrate fell 1.8 percent to US$6,040 a tonne and rennet casein was unchanged at US$7,916 a tonne.

There were 147 winning bidders over 11 rounds. There were 186 participating bidders out of a total number of qualified bidders of 726.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news