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

 


Dairy product prices up 1.1 percent in GDT auction

Dairy product prices up 1.1 percent in GDT auction

Jan. 17 (BusinessDesk) - Prices of dairy products rose in Fonterra's latest GlobalDairyTrade auction, the third straight increase since a drop in early December, led by whole milk powder and anhydrous milk fat.

The GDT-TWI Price Index rose 1.1 percent compared to the last sale two weeks ago. The average winning price rose to US$3,442 a metric tonne. Whole milk powder, the biggest product by volume, was up to 2.8 percent on the average of all contracts offered to US$3,288 a tonne and AMF rose 2.4 percent to US$3,253 a tonne.

The sale comes ahead of next Monday's debut inclusion of the Fonterra Shareholders' Fund in the NZX 50 Index. The units have been climbing in anticipation of that event, up from $7.31 to $7.49 since last week's announcement, closing yesterday at a new record of $7.49.

Today's sales give 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 was 40,418 tonnes from 45,252 tonnes a fortnight ago.
There were significant falls in prices for butter milk powder, down 6.5 percent to US$3,405 per tonne, and milk protein concentrate, down 2 percent to US$5,995 per tonne.

Rennet casein rose 0.8 percent to US$8,479 a tonne and cheddar was up 0.9 percent to US$3,496 a tonne. Skim milk powder fell 0.3 percent to US$3,552 a tonne.

There were 144 winning bidders over 12 rounds. There were 202 participating bidders out of a total number of qualified bidders of 748.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news