Sharechat Logo

Dairy product prices drop, falling 4.2%

Wednesday 4th June 2014

Text too small?

Dairy product prices continued their drop to the lowest level since February 2013 in the latest GlobalDairyTrade auction, paced by rennet casein and whole milk powder.

The GDT price index dropped 4.2 percent to US$3,756 a tonne, the eighth consecutive drop and the lowest since February 2013. Some 37,012 tonnes of product was sold, up from 33,677 two weeks ago.

In the latest GDT auction, rennet casein slumped 10.2 percent to US$10,672 a tonne, and whole milk powder sank 8.5 percent to US$3,594 a tonne. Anhydrous milk fat slid 5.0 percent to US$4,058, while Butter milk powder fell 1.9 percent to US$3,628 a tonne.

Butter was unchanged at US$3,634 a tonne.

Cheddar climbed 8.0 percent to US$4,236 a tonne, while skim milk powder rose 2.1 percent to US$3,863 a tonne.

Milk protein concentrate and lactose weren't offered at the event.

The New Zealand dollar was trading at 84.60 US cents at 2:34am Auckland time. After the release of the latest GDT data, the kiwi dropped as low as 84.25 cents and was recently trading at 84.30 cents.

There were 144 winning bidders out of 195 participating bidders at the auction over 13 rounds. The number of qualified bidders was 738, up from 734 two weeks ago.

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:

Vector urges regulatory change in low-interest-rate environment
Vector urges regulatory change in low-interest-rate environment
Govt moves against surprise Supreme Court 'black hole' tax ruling
Qantas CFO Race Strauss to join A2 Milk as CFO
Climate Committee seeks data, evidence for future carbon budgets
Spark's wobbly world cup start raises stakes for live-streaming - analysts
An algorithm dunnit: anatomy of Spark's mid-match surrender
Stanley-Tallwood liquidator cuts deal over KiwiBuild development
Stanley-Tallwood liquidator cuts deal over KiwiBuild development
RBNZ expected to keep OCR at 1% but leave door open to more easing

IRG See IRG research reports