Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
BUSINESSDESK: Dairy prices rose in the fourth straight gain on the GlobalDairyTrade platform, with gains for whole and skim milk powder, the largest products by volume sold.
The GDT-TWI Price Index rose 2.4% compared to the last sale two weeks ago. The average winning price gained to $US3249 a metric tonne from $US3174 a tonne at the last auction. Whole milk powder rose 2% to $US3036 a tonne and skim milk powder gained 4.7% to $US3339.
Global commodity prices has slipped from the six-month high reached after the Federal Reserve announced a third round of quantitative easing last week, based on the Reuters/Jefferies CRB Commodity Index of 19 commonly traded commodities.
Still, the kiwi dollar is trading near a five-month high, which trims the value of overseas sales in local currency terms.
In the latest GDT auction, anhydrous milk fat fell 9.8% to $US3199 a tonne and cheddar rose 1% to $US3589. Butter milk powder fell 2% to $US3029 a tonne. Lactose was not offered in the latest sale.
Milk protein concentrate fell 3.4%t to $US5953 a tonne and rennet casein rose 4.2% to $US8145.
There were 146 winning bidders over 12 rounds. There were 178 participating bidders out of a total number of qualified bidders of 718.