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Economic weather report: Butter prices surge with other dairy commodities

Posted in News November 4, 2009 - 03:18pm, Bernard Hickey

Bernard Hickey delivers an economic weather report in association with ASB showing that butter and other dairy commodity prices have surged in recent months, even in New Zealand dollar terms despite the rising exchange rate. This presents some good news for the Fonterra payout and the rural economy. Watch the video on Youtube here. It is also available on our video page here. See our dairy commodity price charts here.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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13 Comments

by Roger Thompson | 04 Nov 09, 3:26pm

Thankyou Bernard , for resumption

Thankyou Bernard , for resumption of videos on your own video page . Glad to get the 90 @ 9 . I shall take back most of the mean , nasty , horrible things that I have said about you ............ Have a gummy bear : Cheers man , Rogie .

by AndrewJ | 04 Nov 09, 4:28pm

The butter mrket appears to

The butter mrket appears to be capped as we have sold forward,

Butter
The international interest is mainly from Western European brokers and their customers because DMN's latest report shows butter prices f.o.b. docks in Europe to be at about $2.06 per lb but only $1.27 per lb in New Zealand. European buyers don't necessarily want any butter, they want cheap butter, but New Zealand's cheap butter seems to be fully committed.

by PeterR | 04 Nov 09, 4:43pm

The timing is about right

The timing is about right to encourage significant increases in southern hemisphere milk production by this time next season - to meet the apparent surge in world demand.

by Steven | 04 Nov 09, 8:39pm

@PeterR, yet the USA is

@PeterR, yet the USA is saying it has too much milk...and American farmers need bailing out, so that has to be dumped somewhere...while NZ's butter is good quality and it seems pretty cheap, I think one has to watch for Americans "fixing" things...if they subsidise and then dump it cheap on world markets that would I assume hammer Fonterra's price...

So much for rational markets...how can companies plan for possible situations like this? If Fontera pushes up production and the US dumps then they get critisised for a collapsed price....if they dont expand and there is a shortage of supply they will be labled fools for missing such an oportunity....

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