Prices have bounced back in the latest Global Dairy Trade auction, held overnight, with an impressive 5.5% increase across the board.
The sixth event of the new dairy season, it is the largest percentage lift since March 2021, and a far cry from the the beginning of July when prices plunged 6.9%.
It builds on the previous auction where prices lifted 0.5% across the board.
Good news for farmers, as whole milk powder — which has the biggest impact on Fonterra’s farmgate milk price — recorded a whopping 7.2% rise, to an average of US$3482/MT.
Skim milk powder — Fonterra’s second-biggest reference product — also enjoyed an impressive boost, up 4%, to an average of US$2636/MT.