Dairy product prices increased at the Global Dairy Trade auction, rising for the ninth straight time, though a decline in whole milk powder limited gains.
The GDT price index added 0.8 per cent from the previous auction two weeks ago. The average price was US$3,483 a tonne, compared with US$3,324 a tonne two weeks ago. Some 17,854 tonnes of product was sold, down from 21,713 tonnes two weeks ago.
Whole milk powder fell 1.3 per cent to US$3,287 a tonne.
The decline "reflects weaker demand across our markets, particularly North Asia, and follows eight consecutive increases in average prices since December 2018," NZX dairy analyst Robert Gibson said in a note.
At the latest GDT auction, rennet casein rallied 7.5 per cent to US$6,703 a tonne, while butter climbed 5.8 per cent to US$5,374 a tonne.