The Global Dairy Trade (GDT) index rose 4.9% over the previous auction two weeks ago.
Price for Fonterra’s flagship product, whole milk powder, rose 5.1% to US$3010/metric tonne.
The first two auctions of 2018 has seen consecutive rise in global dairy prices.
The GDT index 2.2% at the first auction of the year, after the world’s biggest dairy processor, Fonterra, dropped its forecast for NZ milk collection last week for the second time in as many months.
Fonterra says this season’s milk production will be down 4% compared to last season.
The co-op is now forecasting its New Zealand milk collections for the current 2017-18 season to be 1,480 million kgMS, down from its forecast in November 2017 of 1,525 million kgMS.
Last season was itself was negatively impacted by weather conditions.
Fonterra has begun taking volumes of whole milk powder off the Global Dairy Trade platform in response to lower milk supply.
Key Results
Butter index- up 8.8%, average price US$4897/MT
Skim milk powder- down 6.5%, average price US$1818/MT
Whole milk powder - up 5.1%, average price US$3010/MT
