Prices of dairy products posted their third-biggest gain in about two years in the latest GlobalDairyTrade sale overnight, paced by whole and skim milk powder.
The GDT-TWI Price Index rose 7.8 per cent compared to the last sale two weeks ago. In the past two years, that's only been exceeded by the June 5 result, when prices jumped 13.6 per cent, and the Sept. 1, 2010, gain of 17 per cent. The average winning price rose to US$3,054 a metric tonne.
Whole milk powder rose 7 per cent to US$2,870 a tonne and skim milk powder gained 7.3 per cent to $3,023 a tonne.