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

 


Dairy product prices decline to lowest since July 2012

Dairy product prices decline to lowest since July 2012

Sep. 3 (BusinessDesk) - 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.

The auction results come after New Zealand commodity prices fell to a 17-month low in August, based on the ANZ Commodity Price Index, with whole milk powder down 15 percent.

Yet Fonterra last week announced plans to ramp up milk powder production in New Zealand, while licensing its Anmum brand of infant formula to a Chinese partner, a sign it is upbeat about longer-term demand.

The GDT price index dropped 6.0 percent to US$2,787, down from US$3,000 two weeks ago. Some 57,010 tonnes of product was sold, up from 46,387 tonnes two weeks ago.

In the latest GDT auction, rennet casein sank 14.3 percent to US$8,232 a tonne, while butter milk powder shed 12.9 percent to US$3,174 per tonne.

Skim milk powder dropped 9.5 percent to US$2,600 a tonne, anhydrous milk fat slid 5.8 percent to US$3,360 a tonne, and butter gave up 5.6 percent to US$2,753 a tonne.

Cheddar fell 4.9 percent to US$3,275 a tonne, while whole milk powder declined 4.3 percent to US$2,673 a tonne

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

The New Zealand dollar recently traded at 83.09 US cents, after dipping as low as 82.92 before the release.

There were 158 winning bidders out of 184 participating bidders at the 10-round auction. The number of qualified bidders rose to 660, from 650 at the last auction.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news