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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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