Dairy prices gain 5.9%

Dairy commodity prices continued to rise at Fonterra's overnight online auction, with the globalDairyTrade trade weighted index rising 5.9%, and the average winning price up to US$4826 (NZ$6446) from US$4540 a fortnight ago.

For anhydrous milk fat, the trade weighted price edged up 1.1% to US$6424, skim milk powder gained 2.3% to US$3977, and wholemilk powder was up 9.6% to US$4619.

ANZ said larger increases for shorter term contracts indicated supply concerns remained to the fore, while BNZ's Mike Jones pointed out the overnight rise of 5.9% took the year-to-date rise to a "whopping" 28%.

Yesterday, the latest ANZ commodity price index showed world prices for New Zealand's main export commodities rose 2.7% in February to another record. It was the sixth consecutive monthly rise for the index which is up a cumulative 21% over the past six months.

NZPA

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

EBOS announces appointment of new Chief Financial Officer
AM Best affirms Tower Limited's A- (Excellent) FSR
MCK enters into conditional agreement for Whangarei land
April 26th Morning Report
SPG - Change to Executive Team
BGI - Forgiveness of $200,000 of secured indebtedness
General Capital Subsidiary General Finance Market Update
AFT,Massey Ventures,Gilles McIndoe to develop scar treatmen
April 24th Morning Report
Cheers to many fewer grape harvest spills