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

 


Dairy product prices fall 1.2% in GDT auction, volumes drop

Dairy product prices fall 1.2% in GDT auction, biggest decline in three months

Feb. 19 (BusinessDesk) - Dairy product prices recorded their biggest drop since early November in the latest GlobalDairyTrade auction, with the volume sold falling to an eight-month low. Milk protein concentrate and butter led the decline.

The GDT Price Index fell 1.2 percent from the last sale two weeks ago. The average winning price was US$5,016 a tonne from US$5,042 a tonne at the last auction. Some 34,568 tonnes of product was sold, the lowest since June last year and down from 35,399 tonnes of product in the previous sale.

Milk protein concentrate fell 5.4 percent to US$8,824 a tonne and butter slid 3.8 percent from its highest level in at least a year, to US$4,586 a tonne. Whole milk powder, the biggest product sold by volume, rose fell 0.3 percent to US$4,999 a tonne.

Prices fell for the first time in three auctions and come after the monthly ANZ Commodity Price Index rose 1.2 percent to a record in January, with butter leading the gains. In December, Fonterra Cooperative Group, the world’s biggest exporter of dairy products, kept its forecast farmgate milk price at a record high while slashing its dividend target, saying high prices for milk powder hadn’t been matched by cheese and casein.

Cheddar dropped 1.7 percent to US$4,845 a tonne in the latest auction and rennet casein fell 3.5 percent to US$11,461 a tonne. Butter milk powder rose 3.1 percent to US$5,355 per tonne and anhydrous milk fat fell 4.5 percent to US$5,314 a tonne. Skim milk powder slipped 0.1 percent to US$4,780 a tonne.

There were 130 winning bidders at the auction over nine rounds. There were 191 participating bidders out of a total number of qualified bidders of 793.

(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