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

 


Dairy product prices tumble 8.9%

Dairy product prices tumble 8.9%, biggest drop since August 2012

April 2 (BusinessDesk) - Dairy product prices had the biggest drop in almost 20 months at Fonterra Cooperative Group's latest GlobalDairyTrade auction as whole milk powder fell to its lowest level in more than a year.

The GDT price index dropped 8.9 percent to US$4,124 a tonne from US$4,563 per tonne two weeks ago, the fourth straight decline and the lowest since August 2012. Some 39,653 tonnes of product was sold, up from 39,008 tonnes two weeks ago.

Soaring prices of global dairy products helped Fonterra lift sales in its first half by 21 percent, including record shipments to China in December, although profit tumbled 53 percent as the high price of milk, which is based on reference products including milk powder, drove up its input costs for products such as casein and cheese. The company said last month it sees no let-up in the second half because factory constraints have led to an unfavourable product mix.

In the latest GDT auction, rennet casein rose 5.5 percent to US$11,105 a tonne while cheddar fell 3.5 percent to US$4,438 a tonne. Whole milk powder, the biggest product sold by volume, fell 8.4 percent to US$4,033, its biggest decline since May last year.

Skim milk powder prices dropped 9.6 percent to US$4,126 a tonne and butter declined 11 percent to US$4,040 a tonne.

Butter milk powder prices tumbled 15 percent to US$4,211 a tonne and milk protein concentrate declined 4.3 percent to US$8,436 a tonne. Lactose wasn't offered at the event.

There were 167 winning bidders out of 201 participating bidders at the auction over 11 rounds. The number of qualified bidders rose to 756 from 747 at the last auction.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news