Wednesday 21st September 2011
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Average prices of dairy products extended their slide for a seventh straight sale at Fonterra Cooperative Group’s latest online auction, to reach a 13-month low.
The GDT-TWI Price Index fell 2.1%, according to results posted on the globalDairyTrade auction website. The average winning price fell to US$3,499 a metric tonne, the lowest since August last year, when prices reached US$3,080 a tonne.
New Zealand’s terms of trade reached a 37-year high in the second quarter, partly reflecting exports of dairy products though Fonterra has been predicting prices would come off their peaks amid volatile global markets and increased Northern Hemisphere supply. Earlier this month the cooperative reiterated its forecast for a lower farmer payout in 2012 from this year’s record amount.
Whole milk powder rose 1.1% to US$3,345 a tonne in the latest sale. Skim milk powder dropped 6.2% to US$3,230. Anhydrous milk fat sank 11% to US$3,846 a tonne and milk protein concentrate rose 6.7% to US$6,692 a tonne. Rennet casein fell 7.6% to US$8,828 a tonne. Butter milk powder rose 0.2% to US$2,985 a tonne and cheddar gained 0.6% to US$4,049 a tonne.
There were 133 winning bidders from 155 participants over 11 rounds. The platform has 417 qualified bidders, up from 387 at the last auction.
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