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

 


Dairy product prices rise 0.2%; casein hits record

Dairy product prices rise 0.2% in GDT auction; casein hits record, WMP falls

Dec. 18 (BusinessDesk) – Dairy product prices held at elevated levels in the last GlobalDairyTrade auction for 2013, with rennet casein rising to its second straight record while whole milk powder fell.

The GDT Price Index rose 0.2 percent compared to the last sale two weeks ago. The average winning price was US$4,990 a tonne compared to US$4,973 a tonne.

The average winning price of rennet casein, a functional ingredient used in everything from sliced cheeses to products that can be whipped or foamed, rose 7.3 percent to US$11,770 a tonne, adding to an 18.9 percent surge a fortnight ago. Cheddar rose 1 percent to US$4,569 a tonne.

Whole milk powder, the biggest product by volume, fell 1.5 percent to US$4,958 a tonne and skim milk powder rose 1.7 percent to US$4,868 a tonne.

The auction is the first since Fonterra Cooperative Group unexpectedly kept its forecast farmgate milk payout for 2014 unchanged while slashing its dividend, citing the growing gap in prices between the milk powders used to set the farmgate price and the value of product from its cheese and casein related production ‘streams’.

The total volume of dairy products sold at the latest GDT auction fell to 47,858 tonnes from 51,944 tonnes in the previous auction.

The price of anhydrous milk fat rose 4.4 percent to US$5,668 a tonne and butter rose 7.9 percent to US$4,051 a tonne. Butter milk powder gained 2.2 percent to US$5,070 a tonne.

Milk protein concentrate rose 3.9 percent to US$8,568 a tonne. Lactose wasn’t offered.

There were 133 winning bidders over 16 rounds. There were 202 participating bidders out of a total number of qualified bidders of 823.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Efficiency: Businesses And Households To Save From New Energy Plans

Minister of Energy and Resources Simon Bridges today announced three energy efficiency initiatives to improve business productivity, save money and reduce carbon emissions. More>>

ALSO:

Get More From Scoop

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