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

 

Crown Accounts: Slightly Softer Growth Expected In PREFU

A slightly softer growth forecast is the main feature of largely unchanged Pre-election Fiscal Update compared to the Budget forecasts three months ago, Finance Minister Steven Joyce says. More>>

ALSO:

Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>

ALSO:

Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO: