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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news