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

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news