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

 


Dairy product prices fall to lowest since October 2012

Dairy product prices fall to lowest since October 2012

Aug 6 (BusinessDesk) - Dairy product prices slumped to the lowest level since October 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and cheddar.

Since the last auction three weeks ago, Fonterra Cooperative Group has slashed its forecast 2015 farmgate milk payout to $6 per kilogram of milk solids from $7/kgMS, citing strong global production, a build-up of inventory in China and falling demand in emerging markets. The ANZ Commodity Price Index fell for a fifth month in July, led by a 12 percent drop in whole milk powder.

The GDT price index dropped 8.4 percent to US$3,025 a tonne, down from US$3,309 a tonne three weeks ago. Some 48,380 tonnes of product was sold, up from 36,656 tonnes three weeks ago.

In the latest GDT auction, whole milk powder shed 11.5 percent to US$2,725 a tonne, while cheddar dropped 10.2 percent to US$3,742 a tonne.

Butter milk powder sank 10.1 percent to US$3,852 a tonne, and butter declined 9.6 percent to US$2,800 a tonne.

Skim milk powder fell 6.5 percent to US$3,264 a tonne, while rennet casein slipped 0.7 percent to US$9,701 a tonne.

Anhydrous milk fat jumped 6.0 percent to US$3,457.

Neither lactose nor milk protein concentrate were offered at the event.

The New Zealand dollar was trading at 84.76 US cents before the release. It dropped as low as 84.52 cents and was recently trading at 84.59 cents.

There were 153 winning bidders out of 178 participating bidders at the 11-round auction. The number of qualified bidders rose to 668 from 663 at the last auction.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Building Battle: Bill English Blames Council On Housing

The Nation: Finance Minister blames Auckland Council for housing shortage, saying it is responsible for land, housing and infrastructure supply in the city, while government provides rental subsidies... More>>

ALSO:

Megiaglommeration: NZME And Fairfax Apply For Authorisation To Merge

The Commerce Commission has received an application from Wilson and Horton Limited (trading as NZME) and Fairfax NZ Limited seeking authorisation to merge their media operations in New Zealand. More>>

ALSO:

Brewing: Lion To Buy Cult Upper Hutt Brewer Panhead

Lion - Beer, Spirits and Wine (NZ), New Zealand's biggest beer maker, has agreed to buy Panhead Custom Ales from the family of founder Mike Neilson, its second such purchase of a popular craft brewer after the acquisition of Dunedin-based Emerson's Brewing Co in 2012. More>>

ALSO:

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news