Coutts appointed chair-elect of Mainland Group
Fonterra has named Elizabeth (Liz) Coutts the chair of Mainland Group, the proposed divestment entity of the co-operative’s consumer business.
DAIRY COMMODITY prices dipped overnight on Fonterra’s GlobalDairyTrade platform with the trade weighted index of all commodities down 1.6%.
The dip follows two successive upticks in prices at the November 15 and December 6 auctions.
Skimmed milk powder was down 3.2% at US$3,312/t and whole milk powder (WMP) back 1.5% at US$3,589/t. Anhydrous milk fat bucked the trend, lifting 4.8% to average US$4,183/t across the three positions offered, with sales for June-August up 11.8%.
The easier market overall comes amid suggestions demand from China is waning.
Earlier this week UK-based Agrimoney reported that USDA officials in Beijing had slashed predicted WMP demand from China, by far the biggest importer, by 75,000t to 375,000t.
Higher prices had put imported WMP out of reach of smaller Chinese processors who are turning increasingly to domestic supplies, despite continued safety concerns, said the USDA.
Meanwhile Rabobank, releasing its quarterly dairy report yesterday, predicted “abundant” supply through early 2012, as the Southern Hemisphere clears a strong production season and Northern Hemisphere production continues to outpace demand.
Stocks may start to build, increasing pressure to sell, and the market may struggle to digest supply the first quarter of 2012, “bringing the prospect of a return to a modest downward trend in pricing,” said the bank.
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New Zealand’s top business leaders are urging the US Administration to review “unjustified and discriminatory tariffs” imposed on Kiwi exporters.
New tariffs imposed by President Donald Trump signal an uncertain future, but New Zealand farmers know how to adapt to changing conditions, says Auriga Martin, chief executive of Farm Focus.
A global trade war beckons, which is bad news for a small open economy like New Zealand, warns Mark Smith ASB senior economist.
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Fonterra says the US continues to be an important market for New Zealand dairy and the co-op.
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