Sharechat Logo

Dairy product prices inch up as drop in whole milk powder checks advance

Wednesday 3rd April 2019

Text too small?

Dairy product prices increased at the Global Dairy Trade auction, rising for the ninth straight time, though a decline in whole milk powder limited gains.

The GDT price index added 0.8 percent from the previous auction two weeks ago. The average price was US$3,483 a tonne, compared with US$3,324 a tonne two weeks ago. Some 17,854 tonnes of product was sold, down from 21,713 tonnes two weeks ago.

Whole milk powder fell 1.3 percent to US$3,287 a tonne.

The decline “reflects weaker demand across our markets, particularly North Asia, and follows eight consecutive increases in average prices since December 2018,” NZX dairy analyst Robert Gibson said in a note.

At the latest GDT auction, rennet casein rallied 7.5 percent to US$6,703 a tonne, while butter climbed 5.8 percent to US$5,374 a tonne.

Butter milk powder gained 5 percent to US$3,548 a tonne, while anhydrous milk fat rose 3.7 percent to US$5,867 a tonne, and cheddar increased 3.2 percent to US$4,248 a tonne.

Skim milk powder advanced 1.8 percent to US$2,468 a tonne.

“This follows two consecutive declines in average price at previous events, with the increase at the latest event possibly reflecting a decline in volumes sold, and some clearing through the system of skim milk powder stocks which were sold at European Union intervention earlier in the year,” according to Gibson.

Meanwhile, lactose dropped 5.3 percent to US$948 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 67.47 US cents as of 2.06pm in New York, compared with 68.06 US cents at the previous close in Wellington.

There were 109 winning bidders out of 166 participating at the 15-round auction. The number of registered bidders was 521, up from 518 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:

U.S. Dollar Nears a Critical Level That May Trigger a Buying Spree
21st February 2020 Morning Report
Tech Leads Stocks Lower on Virus Fears; Gold Gains
NZ dollar falls on disappointment over Chinese stimulus
Qantas Axes Flights Across Asia as Virus Scares Off Flyers
Some of China's Top Suppliers Are Readying for a Virus Rebound
Plexure signs contract with Super Indo
20th February 2020 Morning Report
Stocks Reach Record Highs After China’s Moves, Fed
Gold breaks through $1,600

IRG See IRG research reports