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

 


Dairy product prices drop 2% in GDT auction

Dairy product prices drop 2% in GDT auction, first decline in four sales


Dec. 5 (BusinessDesk) – Prices of dairy products fell in Fonterra’s latest GlobalDairyTrade auction, the first decline in four sales, led by whole milk powder and cheddar..

The GDT-TWI Price Index dropped 2 percent compared to the last sale two weeks ago. The average winning price fell to US$3,290 a metric tonne from US$3,348 a tonne in the last auction. Whole milk powder, the biggest product by volume, fell 3.5 percent to US$3,170 a tonne and cheddar dropped 2.4 percent to US$3,372 a tonne.

The sale is the first since the debut of units in the Fonterra Shareholders' Fund on the NZX, which have jumped about 23 percent to $6.75 since listing last Friday, having sold in an initial public offering at $5.50. Today’s sales gives unitholders an update on global pricing of Fonterra’s products and may be reflected in the units when they resume trading today on the NZX and ASX.

The total volume sold rose to 52,596 tonnes from 48,335 tonnes two weeks ago.

Anhydrous milk fat rose 3.7 percent to US$3,197 a tonne. Only one contract date traded for butter milk powder, due Feb. 13, at a price of US$3.615, unchanged from the previous sale. Lactose wasn’t offered for sale.

Milk protein concentrate fell 1.2 percent to US$5,958 a tonne and rennet casein rose 0.3 percent to US$7,926 a tonne. Skim milk powder fell 1 percent to US$3,362 a tonne.

There were 141 winning bidders over 12 rounds. There were 178 participating bidders out of a total number of qualified bidders of 729.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

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:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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