News | Business
26 Jun 2017 14:02
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • News
  • Sport
  • Weather
  • Olympic Games
  • Ski Report
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Business

    Dairy prices may drop for third auction

    Prices at Fonterra's GlobalDairyTrade auction could fall for the third straight time as supply continues to outstrip demand.

    21 March 2017

    Fonterra
    Fonterra

    Prices on the GlobalDairyTrade platform may drop for a third straight auction tonight as supply outstrips demand.

    Futures trading on the NZX on Tuesday morning indicated whole milk powder prices will slip 3 per cent, skim milk powder will drop 6 per cent and milkfat products such as butter and anhydrous milk fat will decline between 2 and 3 per cent, according to AgriHQ senior dairy analyst Susan Kilsby.

    Fonterra, the world's largest dairy exporter, earlier this month announced it would lift the volume of whole milk powder and skim milk powder offered in coming auctions on the GDT platform by about 25,000 tonnes as more favourable weather meant it collected more milk than expected from its farmer suppliers.

    "We did see some gain in whole milk powder prices last week but since Friday the future market has eased back," Ms Kilsby said.

    "There is nearly 10 per cent more whole milk powder available at this auction than the previous event so it will be a challenge for the market to absorb this extra volume without some slippage in price."

    Dairy products are New Zealand's largest commodity export, worth $11.25 billion in the year ended January 30, according to the latest data from Statistics New Zealand.

    The next GDT auction will be held on Wednesday morning NZT.


    NZN




    © 2017 NZN, NZCity


     Other Business News
     26 Jun: NZ King Salmon lifts earnings guidance
     26 Jun: NZD edges up amid bets on stronger kiwi
     26 Jun: Tower in trading halt as Vero lifts offer
     25 Jun: Moeraki Boulders gets speed control
     25 Jun: Posties' union delivers NZ Post broadside
     25 Jun: Kiwifruit class action headed to court
     25 Jun: Call to track building materials
     Top Stories

    RUGBY RUGBY
    All Blacks show Hurricanes the way More...


    BUSINESS BUSINESS
    NZ King Salmon lifts earnings guidance More...



     Today's News

    Politics:
    Donald Trump, Narendra Modi parallels excited conservative Hindu nationalist group 13:57

    Golf:
    Ko slips further down world rankings 13:47

    Accident and Emergency:
    Otago plane crash investigation to begin 13:27

    International:
    Bali bombing: Guantanamo Bay detainee charged over 2002 attack, Julie Bishop welcomes move 13:17

    Boxing:
    Parker to fight Fury in Manchester 13:07

    Sailing:
    Dawson bronze wraps up World Cup regatta 12:27

    International:
    The silent partner: What it was like for journalist Eliza Harvey when her correspondent husband was shot 11:57

    Law and Order:
    Sir Ngatata Love's appeal dismissed 11:57

    Business:
    NZ King Salmon lifts earnings guidance 11:07

    Sailing:
    Team NZ must keep improving: Burling 10:48


     News Search






    Power Search


    © 2017 New Zealand City Ltd