Dairy auction prices edge up to new record as rally abates
The GDT-TWI Price Index rises 0.6% compared to the last sale two weeks ago, its ninth straight gain.
Prices of dairy products recorded their smallest gain this year, edging up to a new record while suggesting the New Zealand drought-fuelled surge is abating.
The GDT-TWI Price Index rose 0.6 percent compared to the last sale two weeks ago, the ninth straight gain.
The average winning price rose to $US4968 a tonne, the highest on record on the GDT platform that began in July 2008, from $US4966 two weeks ago. Whole milk powder, the biggest product by volume, rose 2.4 percent to $US5245.
The total volume of dairy products sold at the latest auction rose to 15,019 tonnes from a two-year low of 13,912 tonnes two weeks ago. Fonterra is forecasting no increase in milk production this year as farmers dry off their herds.
The price of anhydrous milk fat rose 5.9 percent to $US4964 a tonne and butter milk powder rose 1.3 percent to $US3982. Butter was up 6.8 percent to $US4721 a tonne and cheddar gained 3.4 percent to $US4753.
Lactose and milk protein concentrate were not offered. Rennet casein rose 7.2 percent to $US10,060 a tonne and skim milk powder fell 3.2 percent to $US4757.
There were 80 winning bidders over 13 rounds and 158 participating bidders out of a total number of 797 qualified bidders.
(BusinessDesk)
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Dairy auction prices edge up to new record as rally abates
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