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NZ milk powder prices rise 1.6% in Fonterra’s online auction
NZ milk powder prices rise 1.6% in Fonterra’s online auction
Dec. 2 (BusinessDesk) – Prices rose in Fonterra Cooperative Group’s Dec. 1 auction, led by whole milk powder, while butter milk powder fell.
The average winning price rose 1.6% to US$3,594 a metric tonne, based on the trade-weighted price index calculated by the company after the latest sale at its globalDairyTrade auction. Prices rose the most for the longest contract for delivery in June-to-August 2011.
Whole milk powder rose 2.6% and skim milk powder gained 0.5%. Butter milk powder declined 2.7% and anhydrous milk fat rose 0.3%.
The auction results come after the ANZ Commodity Price Index for November rose 4.5% to a new high of 296.2., with dairy prices climbing 1%. Exports of dairy products helped narrow the nation’s trade deficit in October, driven by sales of milk powder to China.
Prices for milk powder may weaken in 2011, as more U.S. dairy production adds to global supplies.
There were 122 participating bidders in the latest sale, of a total 306, with 77 winners after 10 bidding rounds.
(BusinessDesk)
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