INDEPENDENT NEWS

Dairy product prices climb as whole milk powder gains

Published: Wed 5 Dec 2018 11:20 AM
Dairy product prices climb as whole milk powder gains on decreased supply
By Margreet Dietz
Dec. 5 (BusinessDesk) - Dairy product prices rose at the Global Dairy Trade auction, stemming a decline that began in May.
The GDT price index gained 2.2 percent from the previous auction two weeks ago. The average price was a US$2,819 a tonne, compared with US$2,727 a tonne two weeks ago. Some 36,450 tonnes of product was sold, down from 42,966 tonnes two weeks ago.
Whole milk powder climbed 2.5 percent to US$2,667 a tonne.
“There was likely increased demand for whole milk powder given the lower volumes on offer compared with the previous event,” NZX dairy analyst Amy Castleton said in a note. “Whole milk powder offer volumes are coming back off their peak at the previous GDT event which is in line with normal seasonal trends.”
At the latest GDT auction, butter milk powder soared 16.9 percent to US$2,973 a tonne, while anhydrous milk fat advanced 3.9 percent to US$4,755 a tonne.
Butter added 2.7 percent to US$3,745 a tonne, while rennet casein increased 2.0 percent to US$5,167 a tonne.
Lactose rose 0.5 percent to US$918 a tonne, while skim milk powder inched 0.3 percent higher to US$1,970 a tonne.
Bucking the trend, cheddar fell 2.2 percent to US$3,184 a tonne.
For sweet whey powder, no product was offered or sold, or no price was published for the last event, or on both of the two previous events.
The New Zealand dollar last traded at 69.29 US cents as of 2.01pm in New York, compared with 69.27 US cents at the previous close in Wellington.
There were 139 winning bidders out of 178 participating at the 18-round auction. The number of registered bidders was 507, up from 503 at the previous auction.
(BusinessDesk)
ends
BusinessDesk
Independent, Trustworthy New Zealand Business News
The Wellington-based BusinessDesk team provides a daily news feed for a serious business audience.
Contact BusinessDesk
Email:

Next in Business, Science, and Tech

Next steps for Auckland light rail
By: New Zealand Government
Gender pay gap unchanged since 2017
By: Statistics New Zealand
Stuff pulls pin on media companies' joint ad-buying business
By: BusinessDesk
Transdev to Acquire Auckland And Wellington Bus Businesses
By: Transdev
Twyford's choice: NZTA or Super Fund for Auckland light rail
By: BusinessDesk
A whole term of Government with no shovels in the ground
By: New Zealand National Party
Transport Agency welcomes next steps for light rail
By: NZTA
Light rail delay creates highway opportunities
By: Automobile Association
Government taking action to close gender pay gap
By: New Zealand Government
Genter delaying pay equity for publicity stunt
By: New Zealand National Party
Gender Pay Imbalance - call for PM to take action
By: New Zealand Council of Trade Unions
Persistent gender pay gap - need for Govt to move faster
By: NZEI Te Riu Roa
Opportunity to fix the gender pay gap in tertiary sector
By: Tertiary Education Union
Government must take the handbrakes off, deliver equal pay
By: Public Service Association
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media