Prices of dairy products rose in Fonterra's latest GlobalDairyTrade auction, snapping three straight declines as prices rose for skim and whole milk powder.
The GDT-TWI Price Index rose 1.1 per cent compared to the last sale two weeks ago. The average winning price rose to US$4,598 a tonne from US$4,443 a tonne. Whole milk powder, the biggest product by volume, gained 2.2 per cent to US$4,668 a tonne and skim milk powder rose 3.2 per cent to $4,284 a tonne.
See full results from the auction here.
The sale is the second since Fonterra last month raised its forecast 2014 payout to farmers and earlier this month it underlined the estimate by setting the guaranteed price for next season at the same level of $7 per kilogram of milk solids. That means farmers can chose to lock in their sales to the cooperative at that price.