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 rises on optimism for China-US trade deal
Steel & Tube recovery to include $5.6M of 2nd-half cost savings
Open Country challenges validity of Fonterra's 2018 milk price
Guest night growth slows; overseas visitors spent less time in North Island
Nib NZ first-half earnings slide 30% as claims outpace policy growth
Customer satisfaction in NZ banks rises despite Australian scandals
Perky services sector in Janary soothes fears over cooling economy
PFI doubles 2018 profit on valuation gains, underlying earnings fall short
Steel & Tube turnaround continues with 49% jump in first-half net profit
February 18th Morning Report