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

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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