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

 

Dairy product prices gain for the second time in 7 auctions

Dairy product prices gain for the second time in seven auctions


By Margreet Dietz

May 16 (BusinessDesk) - Dairy product prices rose at the Global Dairy Trade auction, gaining for the second time in the most recent seven events amid better-than-expected gains for anhydrous milkfat and skim milk powder.

The GDT price index rose 1.9 percent from the previous auction two weeks ago. The average price was US$3,637 a tonne. Some 18,161 tonnes of product was sold, down from 19,508 tonnes two weeks ago.

Whole milk powder gained 0.2 percent to US$3,226 a tonne.

“Whole milk powder slightly underperformed expectations,” Amy Castleton, AgriHQ dairy analyst, said in a note.

At the latest GDT auction, anhydrous milk fat rallied 5.8 percent to US$6,354 a tonne, while cheddar climbed 4.4 percent to US$4,205 a tonne.

“Anhydrous milk fat has been undervalued relative to butter on a milkfat content basis for quite some time,” Castleton noted. The latest results “go quite some way to closing the gap, but AMF is still undervalued relative to butter.”

Skim milk powder gained 3 percent to US$2,047 a tonne, while butter rose 2.4 percent to US$5,787 a tonne.

Bucking the trend, lactose dropped 3.5 percent to US$687 a tonne, while rennet casein shed 6.1 percent to US$4,876 a tonne.

Butter milk powder was not offered at this event.

For sweet whey powder, neither an index nor a price was available.

The New Zealand dollar last traded at 68.66 US cents as of 2.31pm in New York, compared with 69.13 US cents at the previous close in Wellington.

There were 111 winning bidders out of 164 participating at the 14-round auction. The number of registered bidders rose to 527, up from 519 at the previous auction.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Climate Summary: NZ’s Equal-2nd Warmest Year On Record

Annual temperatures were above average (+0.51°C to +1.20°C above the annual average) across the majority of New Zealand... 2018 was the equal 2nd-warmest year on record for New Zealand, based on NIWA’s seven-station series which began in 1909. More>>

ALSO:

GDP: Economic Growth Dampens In The September Quarter

Gross domestic product (GDP) rose 0.3 percent in the September 2018 quarter, down from 1.0 percent in the previous quarter, Stats NZ said today... GDP per capita was flat in the September 2018 quarter, following an increase of 0.5 percent in the June 2018 quarter. More>>

ALSO:

Up $1.20: $17.70 Minimum Wage For 2019

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>

ALSO:

Retail: IKEA To Open In New Zealand

Inter IKEA Systems B.V. is today announcing its intentions to grant the Ingka Group exclusive rights to explore expansion opportunities in New Zealand. More>>