Prices have risen slightly in the Global Dairy Trade (GDT) auction held overnight, with a 1.8 per cent increase across the board.
This is after a modest 0.1 per cent bump in the last event, held on April 16.
Whole milk powder, which has the biggest impact on Fonterra’s farmgate milk price, recorded a solid 2.4 per cent lift, to an average of US$3350/MT.
Skim milk powder, Fonterra’s second-biggest reference product, gained slightly with a 0.4 per cent increase, to an average of US$2551/MT.
Cheddar was the standout at this auction, with a whopping 8 per cent rise to an average of US$4257/MT. This follows an 8.5 per cent plunge in the previous event.