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Global dairy prices in New Zealand rose to its highest level since June 2014 at the overnight GlobalDairyTrade auction as demand remained upbeat, with expectations of a subdued production in the near term.
The latest Global Dairy Trade (GDT) auction recorded a 3.5 percent increase in prices following a 4.5 percent gain in the previous auction, while Whole Milk Powder prices rose 4.9 percent. Prices have increased at the last 4 auctions and in 8 of the last 9 auctions with prices now at the highest since the end of June 2014.
Demand has held firm in China and giant co-operative group Fonterra is forecasting a pay-out of NZD6/kgMS for the current season from an expected NZD4.25 billion at the start of the current season with prices likely to stay strong in the near term.
Further, lactose rallied 10.6 percent to USD873 a tonne, while anhydrous milk fat rose 2.9 percent to USD5,500 a tonne. Rennet casein gained 2.3 percent to USD6,201 a tonne, while cheddar added 2.2 percent to USD3,752 a tonne.
Butter rose 1.7 percent to USD4,262 a tonne, and skim milk powder advanced 1.4 percent to USD2,570 a tonne. However, butter milk powder fell 2.6 per cent to USD2,408 a tonne.
Meanwhile, the Reserve Bank of New Zealand (RBNZ) in its recently released financial stability report said that dairy prices were now above operating costs and would lead to profits in the current season. The overall recovery in prices will also lessen the potential for a further cut in interest rates to support the economy.
Meanwhile, the NZD/USD is trading at 0.71, up 0.01 percent, while at 5:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 1.76 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
