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

 


Dairy product prices fall 1.1% in GlobalDairyTrade auction

Dairy product prices fall 1.1% in sixth straight decline on GDT platform

May 7 (BusinessDesk) - Dairy product prices recorded their sixth straight decline in the latest GlobalDairyTrade auction, returning to levels of a year ago and adding to expectations Fonterra Cooperative Group will trim its forecast for a record milk payout.

The GDT price index fell 1.1 percent to US$3,950 a tonne, from US$4,047 a tonne two weeks ago, the lowest since February 2013. Some 38,174 tonnes of product was sold, up from 36,549 tonnes at the previous auction.

The auction comes after figures showed the ANZ Commodity Price Index dropped to an eight-month low in April, led by dairy products, to round out the first annual decline since February last year. Fonterra is forecasting a record $8.65 per kilogram of milk solids for the 2013/14 season, based on its prediction three months ago.

Whole milk powder, the biggest product sold on the auction site by volume, fell 1.7 percent to US$3,928 a tonne, a 14-month low. Rennet casein gained 6.8 percent to US$11,353 a tonne and cheddar dropped 1.8 percent to US$4,195 a tonne. Skim milk powder dropped 2.3 percent to US$3,873 a tonne while butter gained 1.6 percent to US$3,892 a tonne.

Butter milk powder fell 1.2 percent to US$3,713 a tonne. Milk protein concentrate and lactose weren’t offered at the event.

There were 138 winning bidders out of 207 participating bidders at the auction over 13 rounds. The number of qualified bidders fell to 724 from 764 at the last auction.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news