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

 


Dairy products surge to highest since June 2011 in GDT sale

Dairy product prices surge to highest since June 2011 in GDT auction as drought weighs

March 6 (BusinessDesk) – Prices of dairy products surged to the highest since June 2011 in Fonterra's latest GlobalDairyTrade auction with the prospect of New Zealand production curtailed by drought in the North Island.

The GDT-TWI Price Index rose 10.4 percent compared to the last sale two weeks ago, the biggest increase since the June 5, 2012, sale and the sixth straight gain. The average winning price rose to US$4,216 a metric tonne, the highest in almost two years. Whole milk powder, the biggest product by volume, led the advance, soaring 18 percent to US$4,298 a tonne.

Economists are already assessing the impact of drought on New Zealand’s economic growth, which is likely to trim the amount of milk powder that Fonterra, the world’s biggest dairy exporter, can ship overseas. The company kept its forecast farmgate milk payout unchanged last month, in in the face of rising prices.

The total volume of dairy products sold at the latest auction was 21,922 tonnes, down from 33,467 tonnes a fortnight ago.

The price of anhydrous milk fat rose 4.9 percent to US$3,820 a tonne and butter milk powder rose 14.3 percent to US$4,200 a tonne. Butter rose 9.6 percent to US$4,081 a tonne and cheddar gained 8.3 percent to US$3,827 a tonne.

Lactose wasn’t offered. Milk protein concentrate climbed 11 percent to US$6,749 a tonne. Rennet casein rose 1.2 percent to US$8,930 a tonne and skim milk powder rose 4.6 percent to US$3,759 a tonne.

There were 105 winning bidders over 16 rounds. There were 200 participating bidders out of a total number of qualified bidders of 782.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Surreal Estate: Home Values Rise At Fastest Rate In Seven Years

The latest monthly QV House Price Index shows that nationwide residential property values for July have increased 10.1% over the past year which is the fastest annual rate since 2007... The Auckland market has increased 18.8% year on year. More>>

ALSO:

New Employment Laws: Talley’s AFFCO Workers To Strike

The decision comes after the Talley’s owned company walked away from mediation last week and applied to end bargaining under the government’s new employment laws - the first such application since the law came into effect. More>>

Private Action: Employer Pleads Guilty Over Forestry Death

The CTU has always known that the death of forestry worker Charles Finlay was due to the poor health and safety practices of his employer... "The CTU, with the support of Charles’s family, needed to take this ground breaking private prosecution." More>>

ICT Innovation: Six NZ Finalists In World Summit Awards

The awards are a global showcase of 40 projects, across eight categories, with a special emphasis on those which show the benefits of information and communication technology for the development of communities. New Zealand has finalists in six of the eight categories. More>>

ALSO:

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news