Dairy product prices rise
Dairy product prices increased at the Global Dairy Trade auction, moving higher for the seventh straight time, led by a rally in whole milk powder.
The GDT price index climbed 3.3 percent from the previous auction two weeks ago. The average price was US$3,309 a tonne, compared with US$3,271 a tonne two weeks ago. Some 23,930 tonnes of product was sold, down from 25,324 tonnes two weeks ago.
Whole milk powder jumped 6 percent to US$3,186 a tonne.
"Whole milk powder demand is robust at present and this is a very strong result seeing as milk continues to flow (albeit heat impacted in recent weeks) and product volumes are plentiful," Rabobank dairy analyst Emma Higgins said in a note.
At the latest GDT auction, butter milk powder—which was not offered at the previous event—soared 11 percent to $3,480 a tonne.
Cheddar jumped 6 percent to US$3,888 a tonne, while anhydrous milk fat gained 3.9 percent to US$5,837 a tonne.
Butter rose 3.7 percent to US$4,657 a tonne, while lactose added 0.6 percent to US$1,009 a tonne.
Meanwhile, skim milk powder dropped 4.3 percent to US$2,462 a tonne, while rennet casein slipped 0.1 percent to US$5,649 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 68.01 US cents as of 1.52pm in New York, compared with 68.19 US cents at the previous close in Wellington.
There were 109 winning bidders out of 176 participating at the 14-round auction. The number of registered bidders was 516, up from 513 at the previous auction.
Help us create a sustainable future for independent local journalism
As New Zealand moves from crisis to recovery mode the need to support local industry has been brought into sharp relief.
As our journalists work to ask the hard questions about our recovery, we also look to you, our readers for support. Reader donations are critical to what we do. If you can help us, please click the button to ensure we can continue to provide quality independent journalism you can trust.