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

Government accounts show strong economy
By: New Zealand Government
OceanaGold cleared to buy land for Waihi tailings expansion
By: BusinessDesk
Fletcher sued for $7.5m over Christchurch justice precinct
By: BusinessDesk
PHARMAC signs bundle deal for more cancer medicines
By: PHARMAC
Government levels electricity playing field for consumers
By: New Zealand Government
NZ dollar rises on better-than-expected govt surplus
By: BusinessDesk
Rail revaluation bolsters Crown 2019 accounts
By: BusinessDesk
Shane Jones' PGF quietly made tax-exempt
By: BusinessDesk
Robertson’s pockets bulge as everyday Kiwis struggle
By: New Zealand National Party
DHB deficits out of control, health services at risk
By: New Zealand National Party
Green Party responds to Government surplus announcement
By: Green Party
Nearly $2 of every $5 swallowed by the Government
By: ACT New Zealand
NZEI Te Riu Roa welcomes Government's education spending sig
By: NZEI
Give the money back, Grant
By: New Zealand Taxpayers' Union
Surplus should be spent on housing, health and services
By: Public Service Association
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media