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

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news