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

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news