Sharechat Logo

Dairy product prices rise 2.3 percent in latest GDT auction as volumes stay high

Wednesday 21st August 2013

Text too small?

Prices of dairy products gained in the latest GlobalDairyTrade auction and the volume sold remained at elevated level for a second sale, suggesting overseas buyers aren't fazed by elevated nitrate levels in Westland Milk's lactoferrin.

The GDT Price Index, previously known as the GDT-TWI Price Index, rose 2.3 percent compared to the last sale two weeks ago, the fourth gain in five auctions. The average winning price was US$4,941 a tonne, compared to US$4,847 a tonne.

The total volume of dairy products sold at the latest auction slipped to 56,173 tonnes, from 60,587 tonnes two weeks ago, which was the biggest on record for the GDT site. Prime Minister John Key said this week that Chinese officials were responding constructively to the Westland Milk issue and understood it wasn't a food safety issue.

Commodity prices have broadly strengthened based on the Thomson Reuters/Jefferies CRB Commodity Index, which is near its highest level in four months.

The average winning price of whole milk powder, the biggest product by volume, rose 2.8 percent to US$4,005 a tonne. Skim milk powder fell 0.7 percent to US$4,426 a tonne.

The price of anhydrous milk fat rose 7.1 percent to US$4,931 a tonne and butter milk powder fell 3.1 percent to US$4,689 a tonne. Butter rose 3.3 percent to US$3,614 a tonne.

Cheddar rose 0.9 percent to US$4,375 a tonne. Lactose wasn't offered and milk protein concentrate rose 1.5 percent to US$7,828 a tonne. Rennet casein rose 1.9 percent to $10,085 a tonne.

There were 112 winning bidders over 14 rounds. There were 184 participating bidders out of a total number of qualified bidders of 866.

BusinessDesk.co.nz

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond


  General Finance Advertising    

Comments from our readers

No comments yet

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

NZ dollar eases as market eyes pending GDP data
Evolve shareholders demand answers
Strong tourism, low rates keep lid on NZ current account deficit
Refining NZ margins jump to 18-month high
Goodman opts for underwritten $150m placement to raise capital
Kathmandu shares rise 9.3% on strong FY result, solid US performance
FMA seeks greater powers from the government
Goodman opts for underwritten $150m placement to raise capital
NZ dollar opens higher as dairy prices lift, oil eases
Napster's Sean Parker yet to seek OIO approval for Weta Digital stake

IRG See IRG research reports