World dairy prices rise 3.6 per cent at the Global Dairy Trade auction overnight.
Flooding brought on by Cyclone Cook and Cyclone Debbie had pushed dairy prices up at the last auction, but the dairy futures market had been predicting prices would flatline at this week’s event.
There was a 5.2 per cent increase in whole milk powder (WMP) prices to US$3233 (NZ$4670) a metric tonne boosted overall prices, which also saw gains in butter and cheddar. WMP is New Zealand’s main dairy export.
It was the fourth straight rise in dairy prices – after rises of 1.7 per cent on March 21, 1.6 per cent on April 4 and 3.1 per cent on April 18.
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There were 163 participating bidders, with a total of 22,633 metric tonnes of product sold.