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Milk prices lift in latest Global Dairy Trade auction


Dairy prices rose by 2.7 per cent at the latest Global Dairy Trade (GDT) auction to reach an average of US$3587 ($4888) per tonne.

In the first price lift  in four auctions since early February, all product categories increased with New Zealand’s key product whole milk powder up 0.9 per cent.

Skim milk powder was up 3.6 per cent, butter 2.9 per cent, anhydrous milk fat 5.3 per cent, rennet casein 3.1 per cent and lactose jumped 14.8 per cent.

Federated Farmers dairy chairman Chris Lewis said the GDT result was positive and welcome, but questioned whether any monetary gains were cancelled out by recent lifts in the dollar.

“In the last few weeks I have seen the New Zealand dollar rise as well, so the gains back into New Zealand dollars won’t be as much as we are hoping.”

He said prices over the past few months had been very consistent, which farmers liked.

“Long may it continue.”

Dairy products were all up in the overnight GDT auction.

Farmers would also be starting to think about what the opening pay out forecast for the new season would be, he said.

At this late stage in the season, most dairy companies would have sold close to 100 per cent of their product and may start  forward selling for the new season.

“The Northern Hemisphere is also in the busiest time of the year with calving and full production and for prices to be holding up, it’s a great indicator as normally you expect it to dip off a little bit at the moment.”

Source: stuff.co.nz


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