Food Industry
Industry: Email Alert RSS FeedUnprecedented NZ butter price surge.(Markets)(New Zealand )
Agra Europe, February, 2005
New Zealand butter is reported to be fetching an unprecedented premium of US$350 per tonne over butter from Europe on world commodity markets, Dairy Markets reports.
"It is extremely rare for European butter to trade at a discount to Oceania origins," Bill Bailey, a professor of agribusiness told Australia's The Age newspaper. Prices fetched in global commodity markets by European dairy products have been declining for several weeks.
The USDA's online market news shows butter from western Europe selling up to US$2 050/t, compared with butter from Oceania, selling for as much as US$2 400/t.
Professor Bailey said in an ASB Bank commodities commentary that prices for butter, skimmed milk powder (SMP) and whole milk powder (WMP) all fell lower...
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