Prices have bounced back in the latest Global Dairy Trade auction, held overnight, with a 2.8 per cent increase across the board.
It is the mirror image of the 2.8 per cent drop two weeks ago.
Whole milk powder - which has the biggest impact on Fonterra’s farmgate milk price - recorded a solid 3.4 per cent lift, to an average of US$3246/MT.
Skim milk powder - Fonterra’s second-biggest reference product – rose 1.4 per cent, to an average of US$2550/MT.
Cheddar recorded the largest increase - up 4.1 per cent, to an average of US$4340/MT, with butter not far behind on a 3.1 per cent boost to an average of US$6592/MT.