Field Notes, powered by KPMG, is a weekly news update on news nationally and globally from the agri-food sector.
Dairy product prices have risen for the first time since January amidst the global impacts of Covid-19. The GDT price index rose by 1.2%, however only 20,302 tonnes of product was sold compared to 24,209 tonnes three weeks earlier. Bank of New Zealand Market Strategist Jason Wong stated that the auction had stronger results than expected. New Zealand is reaching the end of its dairy season, meaning that product availability is limited, so the rise in prices displays that demand is higher than the level of product available. Whole milk powder climbed 2.1% to USD$2,820 (approx. NZD$4,740) a tonne. North Asia, South East Asia and Oceania all purchased more product that they did at the previous event.
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