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

 


Dairy product prices slip to two-year low

Dairy product prices slip to two-year low

Aug 20 (BusinessDesk) - Dairy product prices slipped to the lowest level in two years in the latest GlobalDairyTrade auction, as lower prices for skim milk powder and cheddar outweighed increases for butter and anhydrous milk fat.

Commodities, dominated by dairy products, are central to New Zealand's export returns and help drive the economy. Yesterday the Treasury cut its short-term forecasts for economic growth and tax revenue, citing weaker prices for export commodities.

Still, it expects prices to stabilise near current levels, saying factors driving them lower are short term, not structural.

The GDT price index slipped 0.6 percent to US$3,000, down from US$3,025 a tonne two weeks ago. Some 46,387 tonnes of product was sold, down from 48,380 tonnes two weeks ago.

In the latest GDT auction, skim milk powder plunged 12 percent to US2,874 a tonne, while cheddar slumped 7.9 percent to US$3,453 a tonne.

Butter milk powder fell 2.5 percent to US$3,886 a tonne, while rennet casein slipped 0.8 percent to US$9,601 a tonne.

Whole milk powder rose 3.4 percent to US$2,804 a tonne, while anhydrous milk fat gained 3.6 percent to US$3,566. Butter rose 4.9 percent to US$2,940 a tonne.

Neither lactose nor sweet whey powder were offered at the event.

The New Zealand dollar was trading at 84.43 US cents before the release, and recently traded at 84.41 cents.

There were 141 winning bidders out of 181 participating bidders at the 13-round auction. The number of qualified bidders fell to 650 from 668 at the last auction.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news