Dairy product prices rise with whole milk powder

Wednesday 19th October 2016

Dairy product prices inched higher at the Global Dairy Trade auction, increasing for the fifth time in six auctions.

The GDT price index rose 1.4 percent to US$2,965, up from US$2,880 at the previous auction two weeks ago. Some 31,525 tonnes of product was sold, down from 33,937 tonnes at the previous auction.

Whole milk powder gained 2.9 percent to US$2,760 a tonne.

At the latest GDT auction, lactose climbed 5.6 percent to US$780 a tonne, while butter added 2.6 percent to US$3,984 a tonne.

Anhydrous milk fat increased 1.1 percent to US$5,007 a tonne, while butter milk powder eked out a 0.2 percent gain, rising to US$2,583 a tonne.

Skim milk powder slipped 0.3 percent to US$2,204 a tonne, while cheddar fell 3.7 percent to US$3,290 a tonne, and rennet casein declined 4.5 percent to US$6,286 a tonne.

The New Zealand dollar last traded at 72.05 US cents at about 1.13pm in New York, compared with 71.34 US cents at 5pm in Wellington the previous day.

There were 115 winning bidders out of 164 participating at the 10-round auction. The number of qualified bidders rose to 620, up from 617 at the previous auction.

BusinessDesk.co.nz

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