Global dairy prices unchanged after four consecutive falls
Global dairy prices were flat at a fortnightly auction held early on Wednesday after four consecutive falls.
The GDT Price Index was unchanged, with an average selling price of $3,136 per tonne, having fallen 1.7 percent at the previous sale, according to GDT Events.
The amount of product sold, however, jumped 33.9 percent compared with the previous auction to a total of 34,076 tonnes.
Nevertheless buyers from North Asia, including heavyweight China, held back.
"There were fewer buyers from North Asia at this event than at the (previous) event, but the presence of buyers from South East Asia and Oceania, and from South America was strong," said Amy Castleton, dairy analyst at Agri HQ.
Whole milk powder, the most widely traded product, rose just 0.1 percent compared with derivatives markets expectations of a 0.8 percent gain.
Butter fell 3.2 percent, but cheddar and anhydrous milk fat eked out 1.3 percent and 1.2 percent gains respectively.
Prices have been falling in recent months as production in the world`s biggest dairy exporter, New Zealand, started to pick up after weather-related woes earlier in the year, suggesting stronger overall global supply.
The auction results can affect the New Zealand dollar
The kiwi currency dropped from around $0.6750 to $0.6734 in the wake of the auction.
GDT Events is owned by New Zealand’s Fonterra Co-operative Group Ltd
U.S.-listed CRA International Inc
A number of companies, including Dairy America and Murray Goulburn
The next auction is scheduled for Aug. 21.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.