Dairy product prices rose at the Global Dairy Trade auction, gaining for the first time in five events, amid strong demand.
The GDT price index increased 2.7% from the previous auction two weeks ago. The average price was $US3,587 a tonne. Some 19,262 tonnes of product was sold, up from 17,222 tonnes two weeks ago.
Whole milk powder rose 0.6% to $US3,311 a tonne.
"Fonterra did lift its whole milk powder offer volumes ahead of this event; however solid demand seems to be absorbing anything New Zealand has to offer at the moment," AgriHQ dairy analyst Amy Castleton said in a note.
There was 31% more whole milk powder sold at this auction compared to the one two weeks ago, with buyers taking nearly everything that was available, according to Castleton.
At the latest GDT auction, lactose rallied 14.8% to $US687 a tonne, while anhydrous milk fat climbed 5.3% to $US6,120 a tonne.
Cheddar rose 4.6% to $US3,855 a tonne, while skim milk powder advanced 3.6% to $US1,913 a tonne.
Rennet casein gained 3.1% to $US5,792 a tonne, while butter added 2.9% to $US5,654 a tonne.
Butter milk powder was not offered at this event.
There were 102 winning bidders out of 182 participating at the 16-round auction. The number of registered bidders rose to 518, up from 514 at the previous auction.
- BusinessDesk
