Sharechat Logo

Dairy product prices drop to lowest since December 2012

Wednesday 16th July 2014

Text too small?

Dairy product prices fell to the lowest level since December 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and anhydrous milk fat.

The GDT price index dropped 8.9 percent to US$3,309 a tonne, from US$3,595 a tonne two weeks ago. Some 36,656 tonnes of product was sold, down from 41,513 tonnes two weeks ago.

New Zealand’s regional economies are milking the dairy industry, taking NZ$14.3 billion in total in 2013-14 – a 40 percent increase in earnings – DairyNZ figures showed earlier this week. In total, it’s estimated the New Zealand economy earned NZ$17.6 billion from dairy exports that year.

In the latest GDT auction, whole milk powder shed 10.9 percent to US$3,088 a tonne. Anhydrous milk fat dropped 10.0 percent to US$3,250, while rennet casein fell 8.9 percent to US$9,761 a tonne.

Skim milk powder slumped 7.1 percent to US$3,516 a tonne and butter milk powder declined 4.6 percent to US$4,426 a tonne.

Cheddar slipped 1.6 percent to US$4,164 a tonne. Butter fell 1.1 percent to US$3,144 a tonne.

Neither lactose nor milk protein concentrate were offered at the event.

The New Zealand dollar was trading at 88.16 US cents before the release. It dropped as low as 87.50 cents and was recently trading at 87.65 cents.

There were 144 winning bidders out of 177 participating bidders at the 13-round auction. The number of qualified bidders fell to 663 from 702 at the last auction.

 

 

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:

Refining NZ announces non-cash impairment
Ryman Healthcare COVID-19 update Victoria
Talisman Quarterly Activities Report to 30 June 2020
General Capital gives notice of Annual Meeting
Scales Corporation - Business Update
Fonterra Co-operative Group Global Dairy Update
Fonterra revises its 2019/20 and 2020/21 forecast Farmgate Milk Price ranges
Briscoe Group Limited Market update: 2nd Quarter Sales to 26 July 2020
thl market update - A frame work for 2021
Me Today - Outcome Of Share Purchase Plan Offer

IRG See IRG research reports