Dairy prices rise 2.4% in fourth straight gain
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.