Prices have continued to climb in the latest Global Dairy Trade auction, held overnight, with a 0.5% increase across the board.
This is the second increase since prices plunged 6.9% at the beginning of July and the fifth event of the new dairy season.
It builds on the previous auction where prices lifted 0.4% across the board.
Whole milk powder - which has the biggest impact on Fonterra’s farmgate milk price - recorded a 2.4% lift, to an average of US$3259/MT, welcome news after the 1.6% fall at the last event.
Skim milk powder - Fonterra’s second-biggest reference product – dropped 2.7%, to an average of US$2539/MT, continuing its slide from the last auction where it dipped 1.1%.