Thu, Mar 30, 2023 @ 08:23 GMT
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New Zealand Dairy Product Prices Rise 1.6% At Latest Global Dairy Trade Auction

‘Buyers will be aware that New Zealand dairy farmers are having a strong finish to the production season which means there is extra milk powder coming on line, so in this environment it is very positive to see whole milk powder prices creeping back up.’ – Susan Kilsby, AgriHQ

Dairy product prices rose for the second time in a row at the Global Dairy Trade auction on Tuesday amid growing market optimism. The GDT Price Index climbed 1.6% to $3,005 after advancing 1.7% at the preceding auction. Some 22,642 tonnes of dairy products was sold, compared to 22,498 tonnes sold at the previous auction. The whole milk powder price rose 2.4% to $2,924 per tonne, while the rennet casein price surged 6.9% to $6,260 per tonne. Prices for anhydrous milk fat advanced 2.5% to $5,936 per tonne, whereas the lactose price climbed 2.2% to $927 per tonne. In the meantime, prices for butter milk powder plunged 12.2% to $1,588 per tonne, while prices for cheddar fell 4.4% to $3,288 per tonne. The butter price decreased 1.6% to $4,751 per tonne, whereas the skim milk powder price declined 0.8% to $1,913 per tonne. According to analysts, the second straight increase in the GDT Price Index is encouraging, as it is common for prices to dip during the spring season. However, the latest auction results suggest that skim milk powder markets are under pressure due to large inventories in Europe, but analysts expect to see further demand growth in China and other Asian countries. The NZD/USD pair surged shortly after the release, rising above the 70.00 level.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
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