Wednesday 2nd May 2018
|Text too small?|
Dairy product prices fell at the Global Dairy Trade auction, led by declines in rennet casein and whole milk powder.
The GDT price index slid 1.1 percent from the previous auction two weeks ago. The average price was US$3,465 a tonne. Some 19,508 tonnes of product was sold, up from 19,262 tonnes two weeks ago.
Whole milk powder fell 1.5 percent to US$3,231 a tonne.
The decline followed Fonterra’s revision of its full season milk production forecast on Tuesday.
“An indication of a little more product than previously expected being available before the end of the season may have meant buyers were less willing to pay more to secure whole milk powder at this event,” Amy Castleton, AgriHQ dairy analyst, said in a note.
At the latest GDT auction, rennet casein slumped 10.5 percent to US$5,177 a tonne, while anhydrous milk fat retreated 1.9 percent to US$6,032 a tonne.
Butter was steady at US$5,647 a tonne.
Meanwhile, skim milk powder gained 3.6 percent to US$1,999 a tonne, while cheddar rose 3.1 percent to US$4,024 a tonne.
“Fresh skim milk powder has been difficult to get hold of globally so buyers seem to be willing to pay for it right now,” according to Castleton.
Lactose added 0.6 percent to US$616 a tonne, while butter milk powder advanced 0.5 percent to US$1,990 a tonne.
The New Zealand dollar last traded at 70.07 US cents as of 1.25pm in New York, compared with 70.35 US cents at the previous close in Wellington.
There were 97 winning bidders out of 150 participating at the 14-round auction. The number of registered bidders rose to 519, up from 518 at the previous auction.
No comments yet
NZ dollar eases as US-China trade war, Brexit saga drag on
OceanaGold less confident in regulatory regime
INFINZ says RBNZ bank capital proposals lack analysis and scrutiny
Spark scolded for misleading customers on broadband price hike
Zespri annual profit jumps 77% on higher kiwifruit sales, increased licensing
Freightways says express package growth slowed in 2H, may flow into FY2020
BUDGET 2019: NZ debt target to be more flexible from 2022
Argosy annual profit climbs 36% on revaluation gains, pays slightly bigger dividend
NZ-owned banks says RBNZ capital proposals will make it harder to compete
Sanford earnings hit by vessel impact from crew death