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Global Dairy Price index increased by 3.3% at GDT event

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Dairy prices have recorded their biggest jump in three months.

The average price at the overnight auction rose 3.3 percent to US$3861 a tonne, following the 1.8 percent rise a fortnight ago.

The price of wholemilk powder, which strongly influenced the payouts for local farmers, rose 2.9 percent to US$3408 a tonne. SMP also reached to USD 2629/MT.

Prices for all other products also rose, including butter, up more than 5 percent, skim milk powder up 3.5 percent and mozzarella up nearly 10 percent.

The dairy season is winding down and recent market prices supported a forecast payout of $7.80 per kilogram of milk solids.

NZX dairy analyst Rosalind Crickett said wholemilk powder was at its second-highest price in the last 12 months.

“Purchasing was led by a perceived return to the market by North Asia on this occasion, with the region nearly doubling its buying activity,” she said.

Crickett said it could be driven by a slight drop in March milk production in China.

“Overall, the results overnight are pleasing to see for farmers as the curtain is drawn on the 2023/24 New Zealand milk production season.”

Thre were 177  participating bidder and total  Quantity sold (MT) was 18,561.


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