Dairy product prices climb for second straight auction
Sept. 2 (BusinessDesk) - Dairy product prices climbed in the latest GlobalDairyTrade auction, increasing for a second straight auction after nearly six months of declines.
The GDT average winning prices increased 10.9 percent to US$2,226, the highest since the July 1 auction, up from US$1,974 at the previous auction two weeks ago. Some 35,865 tonnes of product was sold, down from 36,904 tonnes of product two weeks ago.
Butter milk powder rallied 30 percent to US$1,829 a tonne, while whole milk powder gained 12.1 percent to US$2,078 a tonne.
Skim milk powder climbed 11.7 percent to US$1,698 a tonne, while anhydrous milk fat added 11.7 percent to US$3,029 a tonne.
Butter rose 8.1 percent to US$2,746 a tonne, while rennet casein increased 6.3 percent to US$5,779 a tonne, and cheddar gained 4.7 percent to US$2,913.
Lactose fell 4 percent to US$483 a tonne.
The New Zealand dollar last traded at 63.34 US cents at about 3.20pm in New York, compared with 63.40 US cents at 5pm in Wellington the previous day.
There were 116 winning bidders out of 166 participating bidders at the 16-round auction. The number of qualified bidders rose to 635, up from 621 at the last auction.