new zealand dairy prices continue to fall amid weak dairy market
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

New Zealand dairy prices continue to fall amid weak dairy market

Arab Today, arab today

Arab Today, arab today New Zealand dairy prices continue to fall amid weak dairy market

Dairy New Zealand trade
Wellington - XINHUA

New Zealand dairy farmers were less likely to see a rise in their anticipated payout this season after another fall in dairy prices, the third fall in a row, added to their financial woes.

The average price on the fortnightly Fonterra-run GlobalDairyTrade auction over Wednesday night fell by 3.6 percent to 2,620 U.S. dollars a ton, or 51 percent down from the peak dairy price in February 2014.

"It makes the prospects for the advance rate for next season weaker as well. We really do need to see some signs of a recovery and so far we are not seeing them," Federated Farmers dairy chair Andrew Hoggard said in a statement.

The reasons for a weak dairy market had been the same for some months.

"The Chinese market is weak, European exports to Russia have been dislocated, dairy regions around the world have enjoyed good weather and the northern hemisphere is awash with cheap feed grain, " said Hoggard.

"For most of these things there is not much we as a nation or industry can do. That includes the European trade dispute with Russia, which escalated out of the Ukraine conflict," he said.

"Anything which can be done at the international political level to restore access into what is the second largest dairy market in the world must be welcome."

Senior dairy analyst Susan Kilsby said on the AgriHQ consultancy firm's website that dairy markets remained weak around the world.

"Growth in global milk supply is beginning to slow as farmers respond to lower milk prices, but it will still take some time before markets are back in equilibrium," she said.

The main opposition Labor Party said the falling dairy prices were creating "an economic black hole" of almost 7 billion NZ dollars (5.32 billion U.S. dollars) that would affect regions reliant on dairy and crucial industries.

"The economic black hole from the fall in milk prices is getting bigger and bigger. Since the February 2014 peak, prices have fallen 51 percent. That will see a large fall in the Fonterra milk payout to farmers," Labor finance spokesperson Grant Robertson said in a statement.

"If the price keeps falling or even stays where it is, Fonterra 's payout will be significantly lower than forecast and the economic black hole even bigger."

Fonterra has forecast a payout to farmers of 4.70 NZ dollars (3. 57 U.S. dollars) per kg of milk solids this season, but many farmers say they need a payout of at least 6 NZ dollars (4.56 U.S. dollars) per kg to remain viable.

Analysts have argued that Russia's trade war with Europe is sending European dairy products on to the global market and driving down prices.

The government's Statistics New Zealand agency said last month that export values of milk powder, butter and cheese, New Zealand' s largest export commodity group, fell by 41 percent year on year in February to 913 million NZ dollars (681.39 million U.S. dollars) , while the quantity was down 10 percent.

More than three quarters of the drop in value was due to falling exports to China, it said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

new zealand dairy prices continue to fall amid weak dairy market new zealand dairy prices continue to fall amid weak dairy market

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

new zealand dairy prices continue to fall amid weak dairy market new zealand dairy prices continue to fall amid weak dairy market

 



GMT 18:41 2017 Sunday ,17 September

Moriya takes slender Evian lead

GMT 21:06 2017 Monday ,21 August

3 arrested for possessing drugs in North Sinai

GMT 13:52 2017 Thursday ,16 November

Zimbabwe’s army deprives first lady from presidency

GMT 08:47 2017 Saturday ,23 December

Kerry meets with Lavrov on Ukraine, urges troop pullback

GMT 14:54 2017 Sunday ,17 December

OPEC daily basket price announced for Wednesday

GMT 06:57 2016 Sunday ,17 April

Air France to resume flights to Iran tomorrow

GMT 03:06 2017 Wednesday ,13 December

US Says Time To Act On North Korea

GMT 01:57 2017 Tuesday ,12 December

8000 terrorists killed in Syria during past 3 months

GMT 18:08 2017 Thursday ,23 February

Turkey says 56 IS terrorists killed in northern Syria

GMT 19:14 2016 Thursday ,20 October

Long-necked dino species discovered in Australia
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday