Global dairy prices inch higher at auc­tion

Shepparton News - Country News - - DAIRY NEWS -

Dairy prod­uct prices have edged higher at the lat­est Global Dairy Trade auc­tion, held in New Zealand, with whole milk pow­der ris­ing and but­ter hit­ting a record high.

The GDT price in­dex rose 0.9 per cent from the pre­vi­ous auc­tion two weeks ago to US$3368.

The all-im­por­tant whole milk pow­der price gained 0.6 per cent to US$3122/tonne.

‘‘Price gains (were) recorded in the nearby de­liv­ery con­tract but weaker prices (were) recorded in the later de­liv­ery con­tracts,’’ AgriHQ dairy an­a­lyst Susan Kilsby said of whole milk pow­der.

‘‘The price for reg­u­lar grade whole milk pow­der for Novem­ber de­liv­ery fell less than 0.2 per cent,’’ she said.

‘‘Ex­tra prod­uct was added into this con­tract last week so it was good to see that the mar­ket was able to ab­sorb the ad­di­tional whole milk pow­der without too much of a neg­a­tive im­pact on the price.’’

Mean­while, but­ter gained 1.2 per cent to reach a record US$6062/tonne.

Some 34 117 tonnes of prod­uct was sold, up from 33 501 tonnes at the pre­vi­ous auc­tion.

‘‘It was sur­pris­ing to see more prod­uct added to the auc­tion given the weak start to New Zealand’s milk pro­duc­tion sea­son,’’ Ms Kilsby said.

There were 134 win­ning bid­ders out of 174 par­tic­i­pat­ing at the 17-round auc­tion.

Skim milk pow­der fell 1.2 per cent to US$1920/tonne, while ched­dar de­clined 1.9 per cent to US$4032/tonne.

‘‘Skim milk pow­der pric­ing re­mains weak and this is un­likely to change while there is so much stock held in Europe,’’ Ms Kilsby said.

Hall of fame win­ners . . . Broth­ers Wayne and Peter Mulc­ahy’s Ky­val­ley Dairy Group has re­ceived the 2017 Fam­ily Busi­ness Aus­tralia Vic­to­rian Hall of Fame award.

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