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Article: High dollar to block larger payout
- Article from:
- The Press
- Article date:
- June 23, 2007
- Author:
CopyrightCopyright 2007 The Press. Provided by ProQuest LLC. (Hide copyright information)
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Dairy farmers believe the high dollar might deflate hopes for a
heftier payout, even though there has been spectacular growth in
dairy commodity prices over the past few weeks.
Market analyst NZX Agrifax has tracked a "meteoric" rise in
international commodity prices. Butter has jumped 10 per cent and
skim and whole milk powders 4% in United States dollars.
Signs of panic buying were emerging, with one price for skim milk
powder reaching nearly $US5000 a tonne. The 10-year average is
$US1900.
Farmers, however, are cautious of this translating into a higher
payout than the record $5.53/kg of milk solids forecast by Fonterra