Dairy product prices eked out a gain at the Global Dairy Trade auction, bucking expectations for a decline, as both whole and skim milk powder rose.
The GDT price index rose 1.3 per cent to US$3,537, up from US$3,517 at the previous auction three weeks ago. Some 21,273 tonnes of product was sold, below the 22,030 tonnes at the previous auction.
Whole milk powder rose 1 per cent to US$3,314 a tonne.
"Milk powder prices exceeded market expectations," AgriHQ dairy analyst Susan Kilsby said in a note.
Regular grade New Zealand-sourced whole milk powder supplied by Fonterra with an April delivery date was priced at US$3,290 per tonne, US$90 above the price which the February WMP futures contract closed at on Tuesday, Kilsby noted.