Robust bidding in Fonterra's monthly online auction of whole milkpowder early today lifted the average price paid by 24.2 per cent to US$2858/tonne.

Dairy giant Fonterra is poised to unveil its second proposal for capital structure reform within days.

A leap of almost 26 per cent in wholemilk powder prices on Fonterra's latest online global auction underlines the volatility of commodity prices, economist say.