Dairy product prices increased at the Global Dairy Trade auction, gaining for the eighth time in nine auctions, amid expectations for decreasing supply.
The GDT price index rose 3.5 per cent to US$3,622, up from US$3,519 at the previous auction three weeks ago. Some 22,472 tonnes of product was sold, down from 23,902 tonnes at the previous auction.
Whole milk powder climbed 4.9 per cent to US$3,593 a tonne.
"The lifts in dairy commodity prices ... were closely aligned with market expectations," AgriHQ dairy analyst Susan Kilsby said in a note.
The price differential between whole milk powder and skim milk powder continues to widen, Kilsby noted.