
Butter prices soar in the US
Butter futures reached an all-time high in Chicago as Americans' rising appetite for the fatty dairy spread erodes US inventories.
Butter futures reached an all-time high in Chicago as Americans' rising appetite for the fatty dairy spread erodes US inventories.
Dairy farmers in this country can expect to come under financial pressure if milk powder prices remain low and tensions in Europe continue to mount, say economists.
Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder.
New Zealand commodity prices fell for a sixth straight month in August, taking the index to a 17-month low.
New Zealand's terms of trade held at a 40-year high in the second quarter, as a high New Zealand dollar pushed down the price of imports, offsetting a decline in exports.
Fonterra is pinning its hopes on a tie-up with Chinese infant formula giant Beingmate as it pushes into China's lucrative baby milk market.
National is trying to position itself as the only party which will deliver major free trade agreements, saying that Labour's trade policies will be scuppered by any potential coalition partners.
The New Zealand dollar weakened overnight, weighed down by a rising US dollar and changing expectations for Reserve Bank interest rate rises.
Falling prices for dairy and forest product exports drove the trade balance into the red last month.
The New Zealand dollar took a sudden and unexplained dip in early trading yesterday, fuelling speculation that the Reserve Bank may have chosen to exploit thin trading conditions.
Listed retirement giant Metlifecare is tipped to be trading cheaply, well below its peers even after a good financial result out yesterday.
The Port of Tauranga said its underlying group net profit rose by 1.3 per cent to a record $78.3m thanks to an increase in bulk cargo.
Dairy prices showed signs of stabilising overnight, with the GlobalDairyTrade main price index slipping by just 0.6 per cent.