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

 


Dairy product prices fall for 9th time in last 10 auctions

Dairy product prices fall for 9th time in last 10 auctions

July 2 (BusinessDesk) - Dairy product prices fell to the lowest level since January 2013 in the latest GlobalDairyTrade auction, paced by a drop in butter and anhydrous milk fat.

Despite the decline in global dairy product prices this year, New Zealand posted its seventh monthly trade surplus in May, driven by exports of milk powder, butter and cheese. Exports rose 13 percent to $4.6 billion in May from the year earlier month, led by dairy exports to China. Economists, though, say lower dairy prices are starting to show up in trade data.

The GDT price index fell 4.9 percent to US$3,595 a tonne, the ninth slide in the last 10 auctions. Some 41,513 tonnes of product was sold, up from 31,984 tonnes two weeks ago.

In the latest GDT auction, butter slumped 13.6 percent to US$3,181 a tonne, anhydrous milk fat decreased 7.4 percent to US$3,606 a tonne, while whole milk powder fell 5.4 percent to US$3,459 a tonne.

Cheddar slid 2.9 percent to US$4,226 a tonne, while rennet casein fell 2.1 percent to US$10,789 a tonne, and skim milk powder inched 0.9 percent lower to US$3,810 a tonne.

Butter milk powder rose 4.0 percent to US$4,135 a tonne.

Milk protein concentrate wasn't offered at the event, while lactose either wasn’t offered or wasn’t sold at this event.

Ahead of the release of the latest GDT data, the New Zealand dollar was trading at 87.78 US cents at about 2:50am Auckland time. After the release of the latest GDT data, the kiwi rose as high as 87.86 cents and recently traded at 86.79 cents.

There were 149 winning bidders out of 184 participating bidders at the auction over 12 rounds. The number of qualified bidders was 702, up from 690 two weeks ago.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news