Dairy prices up 1.1pc overnight (+graphic)

Photo / Mark Mitchell

Prices of dairy products rose in Fonterra's latest GlobalDairyTrade auction, the second straight gain on the sales platform.

The GDT-TWI Price Index rose 1.1 per cent compared to the last sale two weeks ago. The average winning price gained to US$3,387 a metric tonne. Whole milk powder, the biggest product by volume, fell 2.5 per cent to US$3,352 and skim milk powder rose 3.9 per cent to US$3,449 a tonne.

The auction comes after the ANZ Commodity Price Index rose for a third straight month in October, with cheese rose 4 per cent while butter and milk powders rose 3 per cent. Prices also rose in New Zealand dollars as the currency firmed.

The total volume sold rose to 54,106 tonnes from 52,828 tonnes two weeks ago.

Anhydrous milk fat rose 5.3 per cent to US$3,026 a tonne and cheddar gained 2.5 per cent to US$3,037 a tonne. Butter milk powder climbed 7.3 per cent to US$3,510 a tonne. Lactose rose 1 per cent to US$2,018 a tonne.

Milk protein concentrate rose 0.5 per cent to US$6,159 a tonne and rennet casein gained 9 per cent to US$7,912 a tonne.

See more details of the auction here.

There were 136 winning bidders over 13 rounds. There were 184 participating bidders out of a total number of qualified bidders of 725.

nzherald.co.nz is hosting a live chat tomorrow, Thursday, November 07 on Fonterra's new TAF scheme and the dairy industry. Join us then for a discussion with ANZ rural economist Con Williams, who will answer questions about the industry.