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

 

Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>

ALSO:

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

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:

Get More From Scoop

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