The average price rose 2.5 percent at the Global Dairy Trade auction overnight to US$4021 (NZ$7075) a tonne.<\/p>\n
In a note, New Zealand Exchange dairy analyst Rosalind Crickett said the results were “largely to be expected”.<\/p>\n
It came off the back of New Zealand milk production data which showed the country had hit a new record for September collections and a 1.9 percent increase in milk solids.<\/p>\n
“However, the growth trajectory seems to be slowing, with reports on the ground noting that North Island regions appear to be experiencing a drier than normal spring, with risks of El Ni\u00f1o in early-to-mid summer still being priced in in the background,” Cricket said.<\/p>\n
This saw the whole-milk powder price increase 4.4 percent to US$3760 (NZ$6616) a tonne. Skim-milk powder was also up 3.4 percent to US$3975 (NZ$6995) and at its highest point on the platform in four years.<\/p>\n
Crickett said “last-minute restocking ahead of the festive season” was also a possible factor, particularly with potential concerns about product accessibility in the months to come amidst a backdrop of drought and ongoing geopolitical tensions.<\/p>\n
“With the rise in global protein demand for whey products, a rise in cheese production continues to put downward pressure on cheddar prices, which plummeted -7.3 percent as inventories and export volumes grow.”<\/p>\n
Crickett said there was also strong buyer turnout from North Asia which also helped drive the increases, accounting for just over half the total product volume sold.<\/p>\n","protected":false},"excerpt":{"rendered":"The average price rose 2.5 percent at the Global Dairy Trade auction overnight to US$4021 (NZ$7075) a tonne.…\n","protected":false},"author":2,"featured_media":636672,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[111,43,139,69],"class_list":["post-636671","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-zealand","tag-new-zealand","tag-news","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/636671","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=636671"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/636671\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/636672"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=636671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=636671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=636671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}