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

 


Dairy prices fall to new 15-month low, volumes drop

Dairy prices fall to new 15-month low paced by whole milk powder, volumes drop

May 21 (BusinessDesk) - Dairy product prices fell to a new 15-month low in the latest GlobalDairyTrade auction, paced by whole milk powder, and are now 23 percent lower than when Fonterra Cooperative Group forecast a record milk payout in February.

The GDT price index fell 1.8 percent to US$3,873 a tonne, down from US$3,950 a tonne two weeks ago and the seventh straight decline. Some 33,677 tonnes of product was sold, the lowest since June 2012 and down from 38,174 tonnes at the previous auction.

Fonterra’s sales rose 21 percent in its first half though profit tumbled as its margins were squeezed by milk powder prices running ahead of products such as cheese and casein which count milk as a raw material. In the latest auction, cheddar fell 2.1 percent to US$4,108 a tonne, the lowest since March last year, while rennet casein rose 4.6 percent to a four-month high of US$11,861 a tonne.

Whole milk powder, the biggest product sold on the auction site by volume, fell 1.1 percent to US$3,877 a tonne, a 15-month low. Skim milk powder dropped 3.5 percent to US$3,733 a tonne while butter declined 3.8 percent to US$3,667 a tonne.

Butter milk powder fell 1.9 percent to US$3,950 a tonne and anhydrous milk fat rose 1.9 percent to US$4,255 a tonne. Milk protein concentrate and lactose weren’t offered at the event.

There were 139 winning bidders out of 193 participating bidders at the auction over 14 rounds. The number of qualified bidders rose to 734 from 724 at the last auction.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

OceanaGold: Man Killed In Waihi Mine Accident

A 29-year-old man had died following a work place accident at OceanaGold mine, Waihi last night. The man was killed after the front end loader he was in rolled down a slope. The accident happened at approximately 6.30pm on Thursday night. More>>

ALSO:

Constructing Consent: Annual Housing Consents Highest In Over A Decade

More than 29,000 new homes gained building consent in the year to June 2016, up 16 percent from the previous June year, Statistics New Zealand said today. More>>

ALSO:

War Against Weevil For Future Peas: “No Peas, No Weevil” Ban Now In Place In Wairarapa

The Ministry for Primary Industries (MPI) has today placed a ban on growing peas within a specified area and placed controls on moving pea material (seed and untreated pea straw) within, in and out of this area for the next 2 years. More>>

ALSO:

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news