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Powder prices jump 16.9% in Fonterra's September auction, backing hopes for NZ$7/kg payout
Fonterra's current forecast range for the ongoing 2010/11 season's payout is NZ$6.90-NZ$7.10
Fonterra has announced that prices at its monthly internet auction of milk powder overnight bounced 16.9% to a three month high.
This reinforces Fonterra's August 20 decision to hold its current forecast for a payout for the ongoing 2010/11 season of between NZ$6.90 to NZ$7.10/kg of milk solids, despite a 28% fall in the New Zealand dollar price of dairy products in the previous three months.
Fonterra said then it was seeing fresh signs of firm demand and bad weather in Russia and China was helping restrict supply from competitors.
Russia's imposition of a wheat export ban in August also increased grain prices, which makes it more expensive for grain-fed producers of milk for export in the Northern Hemisphere.
The news will bolster sentiment in a rural economy struggling with weak farm spending amid a general push to repay debt.
It's also a boost in the wake of the receivership of South Canterbury Finance.
Paul Grave, globalDairyTrade Manager, said the result appeared to indicate a firmer tone has returned to the market over the last month.
Related Topics
The next globalDairyTrade trading event will be held in two weeks’ time on 15 September as globalDairyTrade moves to two auctions per month.
8 Comments
Great news for dairy
Great news for dairy producers who are not up to their neck in debt...for those who are, be happy that the bank will be happy and get back to work. Sorry to hear of your loss. The ponzi scheme was a good little capital gain earner while it lasted. We too hope the weather up in the top half continues to destroy crops because without that, the prices might well head south again.
Good to hear some positive
Good to hear some positive news at last. Long may it last. I wish the good clean practise farmers that look after the land and their animals well a good season. Spring has sprung so lets all enjoy a good spring and summer. Cheers.
Yes, this is great news. I
Yes, this is great news. I was having my doubts that a $7 payout was a realistic goal for this season after previous auction results but fair dues to Fonterra , they certainly have there finger on the pulse of the globa dairy market.
Hopefull this won't give AB an excuse to pull the trigger on the OCR again.
To be honest I think its more
To be honest I think its more luck than good judgment....however....long may their luck hold.
regards
Early signs of strength in
Early signs of strength in the economy and hence the property market too.
? Oh the ever hopeful.....I
?
Oh the ever hopeful.....I know rather than look at one month's data from one sector and jump around wth joy, lets try looking at some fundimentals....global in particular......
Or maybe even sound good economics models, say Steve Keen's Minsky work....
regards
Good news indeed! Also add
Good news indeed! Also add sheepmeats at historic highs, beef approching highs on the back of huge shortages, grain prices riseing by the day even my wool cheque is up by 30% from this time last year! Dont worry NZ the calvalries on the way!
...yes sheep shagger,
...yes sheep shagger, milksolids confirmed at $7.00, lambs $160.00, beef strong and good to hear wool going well. The debacle over SCF gives alot of NZ"rs the shits, the media are almost spoofing in their pants about SCF but hey, those investors took a gamble.NZ agriculture to the rescue again, oh ....no subsidies...no handouts ....no bailouts...tis a pity the rest of the NZ economy cant yet stand and survive on their own two flat feet.