Wednesday, 03 March 2021 09:04

Dairy prices skyrocket!

Written by  Sudesh Kissun
The WMP has jumped 21% at the latest GDT auction. The WMP has jumped 21% at the latest GDT auction.

New Zealand dairy farmers woke up to some very good news. The overnight Global Dairy Trade (GDT) auction recorded a massive jump in prices.

The GDT price index jumped 15% compared to the previous auction, its eighth consecutive price rise.

Whole milk powder prices, used by Fonterra to set its milk payout, rose a whopping 21% to US$4364/MT, a seven-year high.

Key Results

AMF index up 7.4%, average price US$5,929/MT

Butter index up 13.7%, average price US$5,826/MT

BMP index down 0.3%, average price US$3,144/MT

Ched index up 1.3%, average price US$4,280/MT

LAC index up 4.9%, average price US$1,278/MT

SMP index up 3.5%, average price US$3,302/MT

SWP not offered

WMP index up 21.0%, average price US$4,364/MT

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A significant rise in Global Dairy Trade (GDT) auction last week has prompted one bank to lift its forecast milk price for the season to above Fonterra's mid-point.

$10 milk price still on

Whole milk powder prices on Global Dairy Trade (GDT) remains above long run averages and a $10/kgMS milk price for the season remains on the card, says ASB senior economist Chris Tennent-Brown.

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