News | Business
24 Oct 2017 11:47
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
     24 Oct: Fletcher's trading halt ahead of AGM
     24 Oct: Vocus puts Orcon up for sale
     24 Oct: Kiwi near five-month low
     23 Oct: Vocus aims to sell NZ business by June
     20 Oct: Shares rise as weak dollar helps companies
     20 Oct: Right to reject media merger, court hears
     20 Oct: Auckland Airport spend under microscope
     Top Stories

    RUGBY RUGBY
    Duffie, Tamanivalu keep Savea on the outer More...


    BUSINESS BUSINESS
    Fletcher's trading halt ahead of AGM More...



     Today's News

    Entertainment:
    Peter Dinklage has become a dad for the second time 11:34

    Living & Travel:
    French President Emmanuel Macron's dog Nemo interrupts meeting to pee on fireplace 11:17

    International:
    James Toback: Who is the latest Hollywood mogul accused of sexual harassment? 11:17

    Law and Order:
    Thames attempted murder accused in court 11:07

    Entertainment:
    Liam Payne has praised his girlfriend Cheryl Tweedy as a “fantastic” mum 11:04

    Law and Order:
    Murder-accused to face Hamilton jury 10:47

    Entertainment:
    Kit Harington “cried” when he read the final ‘Game of Thrones’ script 10:34

    Business:
    Fletcher's trading halt ahead of AGM 10:27

    Business:
    Vocus puts Orcon up for sale 10:07

    Entertainment:
    Jennifer Aniston hopes ‘Friends’ will “inspire people” to put down their phones and communicate with one another 10:04


     News Search






    Power Search


    © 2017 New Zealand City Ltd