Buyers Push Dairy Prices Higher as GDT Index Jumps 24%
Buyers trying to secure supply are keeping dairy prices at elevated levels.
The overnight Global Dairy Trade (GDT) auction has delivered another disappointing result.
The GDT price index dropped 1.7%, its third consecutive drop.
Whole milk powder prices slumped 2.2% to US$2936/metric tonne, dipping below the US$3000/MT for the first time since February this year.
Key results
AMF index down 2.9%, average price US$3,873/MT
Butter index down 2.0%, average price US$3,370/MT
BMP not offered
Ched index down 3.6%, average price US$3,442/MT
LAC index down 3.3%, average price US$1,303/MT
SMP index up 1.1%, average price US$2,608/MT
SWP index not available, average price not available
WMP index down 2.2%, average price US$2,936/MT
New Zealand's dairy and beef industries say they welcome the announcement that the Government will invest $10.49 million in the Dairy Beef Opportunities (DBO) programme.
New Zealand farming is riding a high, with strong prices, full feed covers and improving confidence lining up at the same time.
Manawatu Mayor Michael Ford says the district sees itself as the agribusiness capital of the lower North Island.
Beef + Lamb New Zealand (B+LNZ) is looking forward to connecting with farmers, rural professionals and community members at this year's Central District Field Days.
Labour Party Leader Chris Hipkins has announced a reshuffle of the party's caucus portfolios.
Agriculture Minister Todd McClay says a series of rural resilienced set to be rolled out next week will help farmers and growers better prepared for adverse weather events.