Sharechat Logo

Dairy product prices rise, bolstered by whole milk powder

Wednesday 6th March 2019

Text too small?

Dairy product prices increased at the Global Dairy Trade auction, moving higher for the seventh straight time, led by a rally in whole milk powder.

The GDT price index climbed 3.3 percent from the previous auction two weeks ago. The average price was US$3,309 a tonne, compared with US$3,271 a tonne two weeks ago. Some 23,930 tonnes of product was sold, down from 25,324 tonnes two weeks ago.

Whole milk powder jumped 6 percent to US$3,186 a tonne.

"Whole milk powder demand is robust at present and this is a very strong result seeing as milk continues to flow (albeit heat impacted in recent weeks) and product volumes are plentiful,"  Rabobank dairy analyst Emma Higgins said in a note.

 

At the latest GDT auction, butter milk powder—which was not offered at the previous event—soared 11 percent to $3,480 a tonne. 

Cheddar jumped 6 percent to US$3,888 a tonne, while anhydrous milk fat gained 3.9 percent to US$5,837 a tonne.

Butter rose 3.7 percent to US$4,657 a tonne, while lactose added 0.6 percent to US$1,009 a tonne.

Meanwhile, skim milk powder dropped 4.3 percent to US$2,462 a tonne, while rennet casein slipped 0.1 percent to US$5,649 a tonne.

For sweet whey powder, no product was offered or sold, or no price was published for the last event, or on both of the two previous events.  

The New Zealand dollar last traded at 68.01 US cents as of 1.52pm in New York, compared with 68.19 US cents at the previous close in Wellington.

There were 109 winning bidders out of 176 participating at the 14-round auction. The number of registered bidders was 516, up from 513 at the previous auction.

(BusinessDesk)

  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 US-China trade war, Brexit saga drag on
OceanaGold less confident in regulatory regime
INFINZ says RBNZ bank capital proposals lack analysis and scrutiny
Spark scolded for misleading customers on broadband price hike
Zespri annual profit jumps 77% on higher kiwifruit sales, increased licensing
Freightways says express package growth slowed in 2H, may flow into FY2020
BUDGET 2019: NZ debt target to be more flexible from 2022
Argosy annual profit climbs 36% on revaluation gains, pays slightly bigger dividend
NZ-owned banks says RBNZ capital proposals will make it harder to compete
Sanford earnings hit by vessel impact from crew death

IRG See IRG research reports