News | Rural
26 Feb 2018 2:20
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Finance
  • 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 > Rural

    Supply concern lifts dairy auction prices

    Supplier concerns about falling dairy production in NZ have helped lift prices at Fonterra's fortnightly GDT auction.


    Fonterra
    Fonterra

    Dairy product prices at Fonterra's Global Dairy Trade auction have risen for the third straight time as buyers stocked up in anticipation of easing output.

    The GDT price index climbed 5.9 per cent from the previous auction three weeks ago. The average price was $US3553 ($NZ4974) a tonne. Some 22,197 tonnes of product was sold, down from 23,319 tonnes three weeks ago.

    Whole milk powder rallied 7.6 per cent to $US3226 a tonne.

    "Falling milk production in New Zealand-and revisions to offer volumes-continue to support prices on GDT," Amy Castleton, AgriHQ dairy analyst, said in a note.

    "There were no revisions to whole milk powder volumes ahead of this latest event, but buyers do seem to be more nervous that they will not be able to fulfil their requirements if New Zealand milk production continues to fall."

    Butter milk powder jumped 8.4 per cent to $US2039 a tonne, while butter rose 7.9 per cent to $US5277 a tonne

    Skim milk powder added 7.2 per cent to $US1932 a tonne, while cheddar gained 7.2 per cent to $US3739 a tonne.

    Rennet casein increased 5 per cent to $US4943 a tonne, while anhydrous milk fat rose 0.5 per cent to US$6,581 a tonne.

    "Volumes of skim milk powder and butter had been pulled back ahead of this event," Ms Castleton said.

    "Anhydrous milk fat volumes had been lifted, but there is strong demand for this commodity, which is keeping prices high."

    No prices were available for lactose.

    The New Zealand dollar last traded at US73.08 cents as of 12.14pm in New York, compared with US72.65c at the previous close in Wellington.

    There were 126 winning bidders out of 188 participating at the 15-round auction. The number of qualified bidders rose to 524, up from 517 at the previous auction.


    NZN




    © 2018 NZN, NZCity


     Other Rural News
     22 Feb: Shares gain as investors take a2 above $9b
     22 Feb: A2 Milk a $10b company, eclipsing Fonterra
     21 Feb: A2 shares jump 25pc on Fonterra deal
     21 Feb: GDT prices slip for first time this year
     20 Feb: Fonterra likely to hike milk payment: OMF
     08 Feb: O'Connor wants broad review of Fonterra
     07 Feb: Kiwi up on back of boost to dairy prices
     Top Stories

    RUGBY RUGBY
    Quad injury sidelines Tahs lock Simmons More...


    BUSINESS BUSINESS
    Stiassny heads public media advisory group More...



     Today's News

    Cricket:
    Taylor ton and Santner knock see NZ home 22:45

    Health & Safety:
    Bad batch of Ecstasy makes people ill 21:55

    Law and Order:
    Russell McVeagh defends culture again 21:15

    Living & Travel:
    Missing hunter found on Stewart Island 19:45

    Golf:
    Steady Campbell wraps up NZPGA title 19:35

    Rugby League:
    Eels flex muscles in NRL trials 18:55

    Soccer:
    Muscat rejoices after Victory bounce back 18:05

    Rugby League:
    Eels, Roosters big winners of NRL trials 16:55

    Business:
    Stiassny heads public media advisory group 16:45

    Entertainment:
    Winter Olympics: Garlic Girls' dream crushed as Sweden takes curling gold 16:05


     News Search






    Power Search


    © 2018 New Zealand City Ltd