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Global dairy prices rose for the seventh straight month at the latest GloablDairyTrade auction concluded Tuesday amid continuing decreases in supply.
The GDT price index increased 4.5 percent to USD3,519, up from USD3,327 at the previous auction two weeks ago. Some 23,902 tonnes of product was sold, down from 27,735 tonnes at the previous auction. Whole milk powder added 3.2 percent to USD3,423 a tonne.
Further, prices of butter milk powder jumped 13.3 percent to USD2,623 a tonne, while cheddar climbed 11 percent to USD3,697 a tonne. Skim milk powder rallied 9.8 percent to USD2,562 a tonne, while lactose advanced 4.6 percent to USD787 a tonne.
In addition, New Zealand’s largest dairy trader, Fonterra said last month that it has reduced its forecast milk volume for the 2016-17 season in the country.
Meanwhile, there were 106 winning bidders out of 164 participating at the 18-round auction. The number of qualified bidders held steady at 510, the same as at the previous auction.
