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The Global Dairy Trade auction saw its third consecutive rise.
New Zealand dairy farmers woke up today to more good news on the milk price front.
The overnight Global Dairy Trade auction saw its third consecutive price index rise of over 4%. The price index rose 4.2% compared to the last auction.
Whole milk powder prices, which form the basis of Fonterra’s milk price to farmer suppliers, jumped 4.2% to US$4503/MT – its highest level in over seven years.
The latest rise will put upward pressure on the forecast milk price.
Fonterra is forecasting a milk price range of $8.90 to $9.50/kgMS for this season, with a mid-point of $9.20.
The highest previous milk price paid by Fonterra was $8.40 in 2013-14 season.
Strong gains were also recorded in butter index (5.1%) and skim milk powder (6%).
Global Dairy Trade (GDT) and Arla Foods have announced that Arla will begin offering European-sourced skim milk powder (SMP) on GDT Pulse from May 2025 as part of an extension to the GDT Pulse pilot.
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.
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.
The first Global Dairy Trade (GDT) auction drew mixed results, with drop in powder prices and lift in butter and cheeses.
Weaker milk production in the Northern Hemisphere is keeping dairy prices high.
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