Dairy product prices up 1.1% in GDT auction

Prices of dairy products rose in Fonterra's latest GlobalDairyTrade auction, the third straight increase since a drop in early December, led by whole milk powder and anhydrous milk fat.

The GDT-TWI Price Index rose 1.1 percent compared to the last sale two weeks ago. The average winning price rose to US$3,442 a metric tonne.

Whole milk powder, the biggest product by volume, was up to 2.8 percent on the average of all contracts offered to $US3288 a tonne and AMF rose 2.4 percent to $US3253.

The sale comes ahead of next Monday's debut inclusion of the Fonterra Shareholders' Fund in the NZX 50 Index. The units have been climbing in anticipation of that event, up from $7.31 to $7.49 since last week's announcement, closing yesterday at a record $7.49.

Today's sales give unitholders an update on global pricing of Fonterra's products and may be reflected in the units when they resume trading today on the NZX and ASX.

The total volume sold was 40,418 tonnes from 45,252 tonnes a fortnight ago.

There were significant falls in prices for butter milk powder, down 6.5 percent to $US3405 per tonne, and milk protein concentrate, down 2 percent to $US5995 per tonne.

Rennet casein rose 0.8 percent to $US8479 a tonne and cheddar was up 0.9 percent to $US3496 a tonne. Skim milk powder fell 0.3 percent to $US3552 a tonne.

There were 144 winning bidders over 12 rounds. There were 202 participating bidders out of a total number of qualified bidders of 748.

(BusinessDesk)

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

Comment & Question

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 0.7850 0.0000 0.00%
AUD 0.8924 0.0000 0.00%
EUR 0.6196 0.0000 0.00%
GBP 0.4880 0.0000 0.00%
HKD 6.0917 0.0000 0.00%
JPY 84.8970 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1231.3 -0.710 2014-10-24T00:
Oil Brent 86.1 -0.510 2014-10-24T00:
Oil Nymex 81.0 -1.020 2014-10-24T00:
Silver Index 17.1 0.024 2014-10-24T00:

Indices

Symbol Open High Last %
NZX 50 5292.8 5344.4 5341.7 -0.15%
NASDAQ 4459.5 4486.3 4452.8 0.69%
DAX 9008.6 9044.9 9047.3 -0.66%
DJI 16677.0 16811.7 16677.9 0.76%
FTSE 6419.1 6419.1 6419.1 -0.47%
HKSE 23311.9 23352.6 23333.2 -0.13%
NI225 15354.4 15377.0 15139.0 1.01%