Commodity index at record high

Commodity prices rose to a new record in May, the ninth month in a row that the ANZ Commodity Index increased.

Prices of kiwifruit jumped 27% and were up 19% from the same time last year.

Prices of skim milk powder, lumber, cheese and sheepmeat all rose 2%, while skins gained 4%. Log and venison prices advanced 1% and seafood gained 0.3%.

The monthly commodity price series comes after trade data this week showed primary produce drove the trade surplus to a record $1.1 billion in April and figures today showing the terms of trade rose to the highest level since 1974 in the first quarter. . .

In May, prices of nine commodities rose, six fell and two were unchanged, of the 17 monitored in the ANZ report.

Apple prices fell 7%, beef declined 5%, whole milk powder dropped 4%, aluminium fell 3% and wool fell 0.3%, its first decline this year.

Prices of wood pulp and casein were unchanged.

The high value of our currency took some of the edge of the increases with a .8% drop in the index in New Zealand dollars. although it’s 12% higher than a year ago.

2 Responses to Commodity index at record high

  1. gravedodger says:

    Awesome numbers there HP, 1974 was just so long ago. We freeholded our first farm from 80% borrowing in five years of droughts 70 to 74 with frugality most wouldn’t believe. Our drawings came from 4/5 pigs- four crops pa , and cream from 10 cows milked with a bucket milkplant. No largesse from WWF or supplementary welfare either.
    If we hadn’t been shafted by a very crooked lawyer as we went into the 80s, well, we will never know. Naivity can be a cruel master.
    I wonder what it will take to convince the plebs in the beltway the massive contribution that primary industry (the only real wealth creator in our fragile and exposed economy) actually contributes. Not the rubbish, envy laden, shallow so called coverage it gets at present in the MSM. Unless of course one reads the very limited circulation farming papers that are only preaching to the converted sadly.

  2. homepaddock says:

    “the plebs in the beltway ” I think they probably do know – even Phil Goff admitted the importance of farming to Jamie Mackay on the Farming Show today. The trouble is there’s not much voting power here.

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