Dairy auction prices expected to lift on looming threat of New Zealand drought

Thu, 30 Nov 2017

By Tina Morrison Dec. 1 (BusinessDesk) - Prices on the GlobalDairyTrade auction may lift next week, snapping four consecutive declines, as the increased threat of drought in New Zealand weighs on expectations for Fonterra Cooperative Group's milk production. The NZX whole milk powder futures contracts for December last traded at US$2,840 a tonne, 3.7 percent ahead of the equivalent contract at the last GlobalDairyTrade auction on Nov. 21, signalling traders expect the price to rise at the next GDT auction overnight on Dec. 5. Longer-dated...

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