Melbourne-based Rabobank dairy analyst Michael Harvey spoke to The Country about this week's GDT auction result and the bank's latest Dairy Quarterly Report.

Dairy prices went up by 4.9 per cent and whole milk powder prices, which have the greatest bearing on Fonterra's farmgate milk price, sold at an average US$3010 a tonne, up 5.1 per cent since the last sale on January 3.

Rabobank's Quarterly Report has been released and Michael gives Jamie Mackay a review of milk prices, global milk production and farmer confidence levels.

Listen below: