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

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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