Global dairy prices up 56% since July

Global dairy prices lifted 3.5% in the latest GDT auction. It was the fourth successive rise in the index which is now at its highest since June 2014. WMP lifted 4.9%, to average US$3593/T. Prices have now risen 56% since July, led by a 74% surge in WMP prices. 

In NZ, Westpac economist Anne Boniface said demand from Chinese buyers was softer this time, with buyers from other regions appearing to “fill the gaps". Tighter NZ supply due to poor spring conditions in key NZ dairying regions was keeping f=demand high, she added.

Other results were: AMF up 2.9%, average US$5500/T; Butter up 1.7%, average US$4262/T; BMP down 2.6%, average US$2408/T; Cheddar up 2.2%, average US$3752/T; LAC up 10.6%, average US$873/T; RenCas up 2.3%, average US$6201/T and SMP up 1.4%, average US$2570/T.