Dairy prices spiked higher at this morning's GlobalDairyTrade (GDT) auction, the GDT price index gaining 9.4 per cent since the last sale on January 21.
Whole milk powder prices, the most important product group for New Zealand producers, jumped by 19.2 per cent to US$2874 a tonne.
At that level whole milk powder prices are still short of the US$3500 required for the co-operative's current forecast to materialise.
See more details of today's auction here:
The AgriHQ Seasonal Farmgate Milk Price for the 2014-15 season has increased by 15 cents per kilogram milksolids to $4.55/kgMS following the GDT auction, which compares with Fonterra's current forecast for $4.70/kgMS.