Sharechat Logo

Dairy product prices rise 4.9 percent in GDT auction

Wednesday 17th July 2013

Text too small?

Prices of dairy products posted their biggest gain since early April in Fonterra Cooperative Group's latest GlobalDairyTrade auction, led by a jump in whole milk powder, the biggest product by volume.

The GDT-TWI Price Index rose 4.9 percent compared to the last sale two weeks ago. The average winning price rose to US$4,828 a tonne, the biggest gain since April 16, from US$4,643 a tonne two weeks ago.

Global commodity prices have recovered from their lows of late June. Thomson Reuters/Jefferies CRB Commodity Index has gained 4.7 percent since hitting a 12 month low at the end of last month and last stood at 288.48. New Zealand producers are being helped by a weaker New Zealand dollar. The ANZ NZD Commodity Price Index rose 0.9 per cent in June to a two-year high and is now within 6 percent of its March 2011 peak.

The total volume of dairy products sold at the latest auction eased back to 37,948 tonnes from 38,890 tonnes.

Whole milk powder, the biggest product by volume, gained 7.7 percent to US$5,058 a tonne, the highest since April 16, and skim milk powder rose 3.3 percent to US$4,566 a tonne.

The price of anhydrous milk fat rose 3.6 percent to US$4,742 a tonne and butter milk powder gained 4.8 percent to US$4,826 a tonne. Butter dropped 0.3 percent to US$3,693 a tonne.

Cheddar rose 2.1 percent to US$4,475 a tonne. Lactose and milk protein concentrate weren't offered. Rennet casein fell 5 percent to $9,744 a tonne.

There were 107 winning bidders over 13 rounds. There were 178 participating bidders out of a total number of qualified bidders of 849.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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.

Related News:

Stanley-Tallwood liquidator cuts deal over KiwiBuild development
Stanley-Tallwood liquidator cuts deal over KiwiBuild development
RBNZ expected to keep OCR at 1% but leave door open to more easing
Watch for signs of domestic and global corporate health this week
ANALYSIS: Govt will have to pay up for high-rise and other construction
23rd September 2019 Morning Report
RBNZ needs more resources, not more powers: Bascand
NZ dollar hovers near 4-yr low after IMF says downside risks have increased
MARKET CLOSE: NZ shares gain; index reweighting drives heavy trading in Kiwi, Kathmandu
NZ dollar sags after avalanche of data and central bank action

IRG See IRG research reports