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

 


Dairy prices climb for the first time since February

Dairy prices climb for the first time since February

June 18 (BusinessDesk) - Dairy product prices rose for the first time since February in the latest GlobalDairyTrade auction, paced by butter milk powder, as buyers found value after the recent slide in prices.

Expanding global milk supply and a drop in buying by Chinese importers as they run down inventories has weighed on dairy prices this year, although lower prices are now starting to entice other buyers back into the market, according to Rabobank's Agribusiness Monthly, released yesterday. Supply won't abate soon though, with figures for New Zealand's 2014 season expected to show record milk production.

The GDT price index advanced 0.9 percent to US$3,807 a tonne, the first gain after eighth consecutive declines. Some 31,984 tonnes of product was sold, down from 37,012 two weeks ago.

In the latest GDT auction, butter milk powder surged 17 percent to US$4,535 a tonne, and rennet casein added 4.6 percent to US$11,155 a tonne. Whole milk powder rose 2.4 percent to US$3,658, while cheddar gained 2.4 percent, rising to US$4,381 a tonne.

Butter increased 1.8 percent to US$3,699 a tonne.

Anhydrous milk fat slid 3.8 percent to US$3,898 a tonne, while skim milk powder slipped 0.2 percent to US$3,855 a tonne.

Milk protein concentrate and lactose weren't offered at the event.

Ahead of the release of the latest GDT data, the New Zealand dollar was trading steady at 86.75 US cents at about 12:30am Auckland time. After the release of the latest GDT data, the kiwi slid as low as 86.43 cents and recently traded at 86.49 cents.

The US dollar advanced against most major currencies after a report showed consumer prices rose faster than expected last month as Federal Reserve policymakers began a regularly scheduled two-day meeting in Washington.

There were 124 winning bidders out of 193 participating bidders at the auction over 15 rounds. The number of qualified bidders was 690, down from 738 two weeks ago.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Science Media Centre: Viral Science And Another 'Big Dry'?

"Potentially, if there is no significant rainfall for the next month or so, we could be heading into one of the worst nation-wide droughts we’ve seen for some time," warns NIWA principal climate scientist Dr Andrew Tait. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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