North Island News
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Whole milk powder fell for the first time this year amid signs that New Zealand’s most widespread drought in at least 30 years may ease, according to Fonterra Cooperative Group Ltd.
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New Zealand’s central bank said economic growth has accelerated and it’s concerned about rising home prices after keeping borrowing costs unchanged today, sending the nation’s currency higher.
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New Zealand will probably keep a drought declaration until September, even as rains in some regions boosted soil moisture after the most widespread dryness in three decades curbed pasture growth, the government said.
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New Zealand’s North Island may receive further rainfall today, helping ease the most widespread drought in at least 30 years that curbed milk output, as residents assess damage from a weekend of heavy showers.
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Whole milk powder climbed at a slower pace amid signs that New Zealand’s most widespread drought in at least 30 years may ease, according to Fonterra Cooperative Group Ltd.
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China State Grid Corp. and AMP Ltd. are among companies considering buying Brookfield Infrastructure Partners LP’s stake in a New Zealand utility, said three people with knowledge of the matter.
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New Zealand, the world’s largest dairy exporter, may receive near-normal rainfall through June, potentially easing the most widespread drought in at least 30 years that’s driven milk-powder prices to a record.
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Milk supplies in New Zealand, the biggest dairy exporter, dropped for a second month in March as the country’s most widespread drought in at least three decades curbed production and boosted prices to a record, according to Fonterra Cooperative Group Ltd.
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Milk futures are poised to end their longest slump since 2008 in Chicago as drought reduces production in New Zealand, the largest exporter, forcing China and other buyers to import more from the U.S.
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Whole milk powder climbed to a record as New Zealand’s most widespread drought in at least 30 years curbs supply in the world’s largest exporter, according to Fonterra Cooperative Group Ltd.
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