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

 

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fletcher Whittled: Fletcher Dumps Adamson In Face Of Dissatisfaction

Fletcher Building has taken the unusual step of dumping its chief executive, Mark Adamson, as the company slashed its full-year earnings guidance and flagged an impairment against Australian assets. More>>

ALSO:

No More Dog Docking: New Animal Welfare Regulations Progressed

“These 46 regulations include stock transport, farm husbandry, companion and working animals, pigs, layer hens and the way animals are accounted for in research, testing and teaching.” More>>

ALSO:

Employment: Most Kiwifruit Contractors Breaking Law

A Labour Inspectorate operation targeting the kiwifruit industry in Bay of Plenty has found the majority of labour hire contractors are breaching their obligations as employers. More>>

ALSO:

'Work Experience': Welfare Group Opposes The Warehouse Workfare

“This programme is about exploiting unemployed youth, not teaching them skills. The government are subsidising the Warehouse in the name of reducing benefit dependency,” says Vanessa Cole, spokesperson for Auckland Action Against Poverty. More>>

ALSO:

Internet Taxes: Labour To Target $600M In Unpaid Taxes From Multinationals

The Labour Party would target multinationals operating in New Zealand to ensure they don't avoid paying tax if it wins power and is targeting $600 million over three years through a "diverted profits tax," says leader Andrew Little. More>>

ALSO: