World dairy prices rose overnight in the fourth straight gain on the GlobalDairyTrade online auction platform, with gains for whole and skim milk powder, the largest products by volume sold.
The GDT-TWI Price Index rose 2.4 per cent compared to the last sale two weeks ago. The average winning price gained to US$3,249 a metric tonne from US$3,174 a tonne at the last auction. Whole milk powder rose 2 per cent to US$3,036 a tonne and skim milk powder gained 4.7 per cent to US$3,339 a tonne.
Global commodity prices have slipped from the six-month high reached after the Federal Reserve announced a third round of quantitative easing last week, based on the Reuters/Jefferies CRB Commodity Index of 19 commonly traded commodities. Still, the kiwi dollar is trading near a five-month high, which trims the value of overseas sales in local currency terms.
In the latest GDT auction, anhydrous milk fat fell 9.8 per cent to US$3,199 a tonne and cheddar rose 1 per cent to US$3,589 a tonne. Butter milk powder fell 2 per cent to US$3,029 a tonne. Lactose wasn't offered in the latest sale.
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Milk protein concentrate fell 3.4 per cent to US$5,953 a tonne and rennet casein rose 4.2 per cent to US$8,145 a tonne.
There were 146 winning bidders over 12 rounds. There were 178 participating bidders out of a total number of qualified bidders of 718.