Good news for farmers in the latest Global Dairy Trade auction, held overnight, with a 4.2 per cent increase across the board.
This is the third positive event of the 2024 calendar year, with the index kicking off the new year with a 1.2 per cent bump on January 3 and 2.3 per cent at the last event on January 17.
Whole milk powder rose a sizeable 3.4 per cent to an average of US$3463/MT (NZ$5696), while skim milk powder - Fonterra’s second-biggest reference product – increased by 4.6 per cent, to an average of US$2758/MT.
Anhydrous milk fat was up 3.3 per cent with an average of US$6033/MT and butter milk powder - which wasn’t offered at the previous event - had a modest increase of 1.2 per cent to an average of US$2412/MT.
Lactose continued the upward trend with 2.6 per cent bump to an average of US$785/MT.