Sharechat Logo

Fonterra dairy product prices dip for eighth straight sale, falling 1.6%

Wednesday 5th October 2011

Text too small?

Average prices of dairy products fell for an eighth straight sale at Fonterra Cooperative Group’s latest online auction, tracking global commodities lower as Europe’s debt woes stoked concern the world economy is stumbling.

The GDT-TWI Price Index fell 1.6%, according to results posted on the global DairyTrade auction website. The average winning price fell to US$3,449 a metric tonne, the lowest since August last year, when prices reached US$3,080 a tonne.

The Thomson Reuters/Jefferies CRB Commodity Index fell 1.1% overnight and has declined to the lowest level since November. The European Union has hinted that holders of Greek bonds will face bigger losses than expected and Goldman Sachs Group is now forecasting recessions for Germany and France, helping take the steam out of prices for raw materials.

Whole milk powder fell 0.7% to US$3,309 a tonne in the latest sale. Skim milk powder dropped 0.3% to US$3,193. Anhydrous milk fat sank 3.5% to US$3,703 a tonne and milk protein concentrate rose 0.5% to US$6,713 a tonne. Rennet casein fell 7.2% to US$8,181 a tonne. Butter milk powder rose 3.2% to US$3,075 a tonne and cheddar fell 4.9% to US$3,800 a tonne.

There were 129 winning bidders from 155 participants over 12 rounds. The platform has 427 qualified bidders, up from 417 at the last auction.

(BusinessDesk)

BusinessDesk.co.nz



  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:

New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto