Another lift in dairy prices
Whole milk powder up 12.1% in Global Dairy Trade auction overnight.
ASB Bank rural economist Nathan Penny talks about dairy prices on NBR Radio and on demand on MyNBR Radio.
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Dairy prices picked up for the second Global Dairy auction in a row overnight.
The overall average was up 10.9% to $US2226 a tonne, and the benchmark price of whole milk powder, used by Fonterra to predict its payouts to farmers, is up 12.1% to $US2078 a tonne.
The amount of product put up for auction was down 1039 tonnes to 35,865 tonnes.
Some 35,865 tonnes of product was sold, down from 36,904 tonnes of product two weeks ago.
Butter milk powder rallied 30% to $US1,829 a tonne, while the benchmark price of whole milk powder, used by Fonterra to predict its payouts to farmers, was up 12.1% to $US2078 a tonne.
Skim milk powder climbed 11.7% to $US1698 a tonne, while anhydrous milk fat added 11.7% to $US3029 a tonne.
Butter rose 8.1% to $US2746 a tonne, while rennet casein increased 6.3% to $US5779 a tonne, and cheddar gained 4.7% to $US2913.
Lactose fell 4% to $US483 a tonne.
The New Zealand dollar last traded at 63.34USc at about 3.20pm in New York, compared with 63.40USc at 5pm in Wellington the previous day.
There were 116 winning bidders out of 166 participating bidders at the 16-round auction. The number of qualified bidders rose to 635, up from 621 at the last auction.
(BusinessDesk)
Margreet Dietz
Wed, 02 Sep 2015
Wed, 02 Sep 2015
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Another lift in dairy prices
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