Price for dairy products up at auction
Prices on Fonterra’s globalDairyTrade internet auction were up 1.2 per cent last week on the last auction a fortnight earlier.
The average price for anhydrous milk fat, butter milk powder, skim milk powder and whole milk powder was US$3,960 a tonne.
The rise follows a 7.1 per cent rise at the last auction encouraged by drought hampering dairy farmers in New Zealand and farmers struggling against snowstorms in Britain and the United States.
In all 130 of the 310 qualified bidders took part in the latest auction over nine rounds, winning 88 bids.
The auction lasted 1 hour and 49 minutes. Stuff.co.nz