Dairy product prices rise 1.1 percent in final GDT auction of the year

(BusinessDesk) - Prices of dairy products rose in the final GlobalDairyTrade auction of the year, while whole milk powder, the biggest product by volume, fell for the fourth sale in a row,

The GDT-TWI Price Index rose 1.1 percent compared to the last sale two weeks ago. The average winning price rose to $US3,311 a metric tonne from $US3,290 a tonne in the last auction. Whole milk powder fell 0.6 percent to $US3,147 a tonne while skim milk powder gained 1.1 percent to $US3,419 a tonne.

Fonterra, the world's largest exporter of dairy products, raised its forecast farmgate milk payment this month and chief executive Theo Spierings said global dairy prices "are likely to move higher in the first half of 2013" given rising feed prices and unfavourable climatic conditions in the US, Ukraine, Russia, Brazil and Argentina. Thomson Reuters/Jefferies CRB Commodity Index rose 0.2 percent to a two-week high overnight.

The total volume sold fell to 47.195 tonnes from 52,596 tonnes two weeks ago.

Anhydrous milk fat fell 0.1 percent to $US3,180 a tonne. Butter milk powder fell 0.4 percent to $US3,600 a tonne with just the Feb. 13 contract sold. Cheddar rose 4.9 percent to $US3,510 a tonne. Lactose wasn't offered for sale.

Milk protein concentrate rose 1 percent to $US6,039 a tonne and rennet casein rose 6.9 percent to $US8,477 a tonne.

There were 145 winning bidders over 11 rounds. There were 195 participating bidders out of a total number of qualified bidders of 737.

(BusinessDesk)

This article is tagged with the following keywords. Find out more about My Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7452 -0.0011 -0.15%
AUD 0.9419 0.0011 0.12%
EUR 0.6642 -0.0005 -0.08%
GBP 0.4962 -0.0001 -0.02%
HKD 5.7807 0.0008 0.01%
JPY 87.7610 -0.0020 -0.00%

Commods

Commodity Price Change Time
Gold Index 1292.6 -7.090 2015-01-23T00:
Oil Brent 49.9 0.320 2015-01-23T00:
Oil Nymex 45.6 -0.820 2015-01-23T00:
Silver Index 18.3 -0.060 2015-01-23T00:

Indices

Symbol Open High Last %
NZX 50 5647.1 5713.3 5711.9 -0.64%
NASDAQ 4748.2 4771.2 4750.4 0.16%
DAX 10503.3 10704.3 10435.6 2.05%
DJI 17812.5 17812.5 17814.0 -0.79%
FTSE 6796.6 6841.7 6796.6 0.53%
HKSE 24807.4 24896.2 24522.6 1.34%
NI225 17520.6 17532.1 17329.0 1.05%