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

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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