Prices of dairy products rose for only the fourth time this year in the latest GlobalDairyTrade sale overnight, paced by whole milk powder, the biggest product by volume sold through the platform by Fonterra.
The GDT-TWI Price Index rose 3.5 per cent compared to the last sale in July. The average winning price rose to US$2,797 a metric tonne. Whole milk powder rose 3.5 per cent to US$2,675 a tonne and skim milk powder gained 3 per cent to $2,805 a tonne.
See more details of the auction here.
Dairy products are New Zealand's biggest export by value and the gain in the latest sale should be a positive for the New Zealand dollar, though any reaction has been overwhelmed by reaction to the Federal Reserve's latest statement, which lifted the greenback across the board. Fonterra has said it expected global supply and demand to come more into balance in the second half of the year, arresting the slide in prices.