Sharechat Logo

Dairy product prices slip for second straight auction

Wednesday 7th March 2018

Text too small?

Dairy product prices fell at the Global Dairy Trade auction, with whole milk powder declining amid an increase in supply.

The GDT price index retreated 0.6 percent from the previous auction two weeks ago. The average price was US$3,593 a tonne. Some 19,292 tonnes of product was sold, down from 20,256 tonnes two weeks ago.

Whole milk powder decreased 0.8 percent to US$3,232 a tonne.

“Fonterra had increased its whole milk powder offer volumes ahead of this event as milk flows start to improve, so buyers are unlikely to feel as much urgency to secure product,” Amy Castleton, AgriHQ dairy analyst, said in a note.

At the latest GDT auction, butter milk powder dropped 4.3 percent to US$1,959 a tonne, while  anhydrous milk fat shed 3.2 percent to US$6,245 a tonne.

Butter slid 1 percent to US$5,280 a tonne.

Meanwhile, cheddar rose 1.7 percent to US$3,759 a tonne, while rennet casein gained 2.2 percent to US$5,128 a tonne.

Skim milk powder rallied 5.5 percent to US$2,051 a tonne.

"This strength was driven by higher prices for UHT grade product," Castleton noted. "Skim milk powder is running a bit short in New Zealand, but there is plenty of stock elsewhere in the world.”

No prices were available for lactose.

The New Zealand dollar last traded at 72.94 US cents as of 12.26pm in New York, compared with 72.26 US cents at the previous close in Wellington.

There were 130 winning bidders out of 174 participating at the 22-round auction. The number of registered bidders rose to 529, up from 527 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:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report