Dairy futures market: Whole milk powder futures fall more than 9%

After making significant gains since the beginning of De
cember, futures contracts for WMP retreated in value by more than 9% in the last week.

After making steady progress over the last month, dairy futures were in retreat over the past week, falling by more than 9%. February 2016 contracts for whole milk powder (WMP) traded on the NZX derivatives market, the New Zealand-based futures, fell to $2,420/t – down 9.4% week-on-week.

WMP futures tend to be a decent gauge for the performance of upcoming GDT auctions, as WMP is the key commodity traded at the auction format, accounting for more than half the product sold. The recent rally in WMP futures was reflected in the last two GDT auctions where the average price rose by 3.6% and 1.9% respectively.

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Too many applicants to GLAS 2 as deadline passes

The application period for tranche 2 of the GLAS scheme has now closed following huge interest in the scheme.

According to the Department of Agriculture, when the system closed on December 14 there were approx 19,000 applications created on the system with almost 14,000 fully submitted.

The Department has said the period between December 15 and 18 is now available for the remaining 5,000 applications to be finalised and submitted.

The Minister for Agriculture had previously indicated that there would be 10,000-13,000 places available under GLAS 2.

The Department has also provided figures on the tiered breakdown of the applicants. It says of the submitted applications 50% were tier 1, 30% tier 2 and remainder were Tier 3.

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Over a €1 billion paid out so far in farm payments – Coveney

Payments made under various farm schemes have breached the €1 billion mark, according to the Minister for Agriculture, Simon Coveney.

The Department of Agriculture continues to payout on schemes such as the Basic Payment Scheme and Areas of Natural Constraints with Young Farmers Scheme payments also set to issue in the coming days.

The Minister gave the following update on key schemes this week:

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Calls for all applicants to GLAS 2 to be accepted

Latest reports suggest a high level of applications to tranche 2 of GLAS which opened to applications in only last week.

In the Budget, Minister Coveney promised that 13,000 would be brought into the scheme. If this is exceeded the IFA has said it will be demanding that all are eligible.

Places in GLAS 2 are filling up fast with over 11,500 applications created to date, according to the Department of Agriculture.

The Department of Agriculture has confirmed to Agriland, that these applications have been made on its online system which went live on November 20 of this month.

According to early indications from the Department of Agriculture, 45% of these applicants will be classified as Tier 1, 20% will be entering the scheme as Tier 2 farmers will the remaining 35% will fall into Tier 3. (more…)

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