Dairy auc­tion prices set to rise

Weekend Herald - - Fran O’sullivan -

Prices on the Global Dairy Trade auc­tion may lift next week, snap­ping four con­sec­u­tive de­clines, as the in­creased threat of drought in New Zealand weighs on ex­pec­ta­tions for Fon­terra Co­op­er­a­tive Group’s milk pro­duc­tion. The NZX whole milk pow­der fu­tures con­tracts for De­cem­ber last traded at US$ 2,840 a tonne, 3.7 per cent ahead of the equiv­a­lent con­tract at the last Global Dairy Trade auc­tion on Novem­ber 21, sig­nalling traders ex­pect the price to rise at the next auc­tion. Longer- dated whole milk pow­der fu­tures con­tracts are also sig­nalling an in­crease, as are fu­tures con­tracts for skim milk pow­der, while fu­tures for but­ter and an­hy­drous milk fat point to de­clines.

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