Auction prices for whole milk powder rises to highest in three months
Powder for March delivery gained 1.1% from two weeks earlier, according to a trade-weighted price index calculated the company’s latest GlobalDairyTrade auction. The average price rose to $3,637 (€2,723) a ton, the highest for the spot contract since September 15.
Prices began rising last month, as New Zealand declared medium-level droughts in Northland and in the Waikato province, which is the nation’s biggest milk-producing region. On December 10, Fonterra, which accounts for about 40% of the global trade in butter, milk powder and cheese, raised its forecast payment to farmers by 4.5% citing international prices.
