The auction took place on Tuesday and saw increases for all products offered. The 4.5% increase saw average prices rise to $3,519/t. The latest GDT rise came on the back of an 11% increase in prices two weeks ago.Just 23,902t of product was offered for sale at the auction.
The auction took place on Tuesday and saw increases for all products offered. The 4.5% increase saw average prices rise to $3,519/t. The latest GDT rise came on the back of an 11% increase in prices two weeks ago.
Just 23,902t of product was offered for sale at the auction.
The most significant rise came in the form of butter milk powder, which jumped 13.3% to $2,623/t. Prices for New Zealand’s most important product, whole milk powder (WMP), rose 3.2% to $3,423/t, skim milk powder (SMP) shot up 9.8% to $2,562/t and cheddar prices jumped 11% to $3,697/t.
Domestic
The GDT rise comes on the back of the Ornua PPI rising to a 17-month high last week.
On the home market, Carbery, Lakeland and Glanbia have increased their milk prices for October.
Read more
Dairy futures market: wet weather continues to hit Fonterra supplies
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