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

 

Dairy product prices dip for a third straight auction

Dairy product prices dip for a third straight auction

By Margreet Dietz

March 21 (BusinessDesk) - Dairy product prices declined at the Global Dairy Trade auction, while whole milk powder posted an unexpected increase amid data showing challenging weather conditions continue to weigh on production.

The GDT price index fell 1.2 percent from the previous auction two weeks ago. The average price was US$3,632 a tonne. Some 18,635 tonnes of product was sold, down from 19,292 tonnes two weeks ago.

To be sure, whole milk powder eked out a 0.1 percent increase to US$3,226 a tonne, bucking the trend. Traders had anticipated a decline, analysts said.

“Demand from North Asia was the strongest it’s been since late last year. New Zealand milk production data out earlier this week will likely also have helped the whole milk powder result along,” Amy Castleton, AgriHQ dairy analyst, said in a note.

At the latest GDT auction, skim milk powder dropped 8.6 percent to US$1,887 a tonne, while cheddar fell 3.9 percent to US$3,609 a tonne.

Rennet casein declined 2.9 percent to US$4,948 a tonne.

Anhydrous milk fat was steady at US$6,249 a tonne, while butter was also little changed at US$5,281 a tonne.

Lactose traded at US$590 a tonne.

Butter milk powder was not offered at this event.

The New Zealand dollar last traded at 71.91 US cents as of 12.33pm in New York, compared with 72.44 US cents at the previous close in Wellington.

There were 125 winning bidders out of 170 participating at the 14-round auction. The number of registered bidders declined to 513, down from 529 at the previous auction.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: 'Wellbeing Of NZers At The Heart Of Budget Priorities'

“We want a wellbeing focus to drive the decisions we make about Government policies and Budget initiatives. This means looking beyond traditional measures - such as GDP - to a wider set of indicators of success,” Grant Robertson said. More>>

ALSO:

Short Of 2017 Record: Insurers Pay $226m Over Extreme Weather

Insurers have spent more than $226 million this year helping customers recover from extreme weather, according to data from the Insurance Council of NZ (ICNZ). More>>

Environment Commissioner: Transparent Overseer Needed To Regulate Water Quality

Overseer was originally developed as a farm management tool to calculate nutrient loss but is increasingly being used by councils in regulation... “Confidence in Overseer can only be improved by opening up its workings to greater scrutiny.” More>>

ALSO:

Deal Now Reached: Air NZ Workers Vote To Strike

Last week union members voted overwhelmingly in favour of industrial action in response to the company’s low offer and requests for cuts to sick leave and overtime. More>>

ALSO: