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

 

Pre-Budget: Computer Emergency Response Team, Assemble!

John Key told the country's first ever Cyber Security Summit in Auckland that the government had earmarked funding set up a national Computer Emergency Response Team to help prevent and act on cyber incidents in partnership with the private sector and other organisations. More>>

ALSO:

Job Cutter Goes: Mark Weldon To Step Down As MediaWorks CEO

“When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since." More>>

ALSO:

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news