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Dairy product prices rise 1.1% in GDT auction, second straight gain

Prices of dairy products rose in Fonterra's latest GlobalDairyTrade auction, the second straight gain on the sales platform.

The GDT-TWI Price Index rose 1.1% compared to the last sale two weeks ago. The average winning price gained to $US3387 a metric tonne. Whole milk powder, the biggest product by volume, fell 2.5% to $US3352 and skim milk powder rose 3.9% to $US3449 a tonne.

The auction comes after the ANZ Commodity Price Index rose for a third straight month in October, with cheese rose 4%, while butter and milk powders was up 3%. Prices also rose in New Zealand dollars as the currency firmed.

The total volume sold rose to 54,106 tonnes from 52,828 tonnes two weeks ago.

Anhydrous milk fat rose 5.3% to $US3026 a tonne and cheddar gained 2.5% to US$3,037. Butter milk powder climbed 7.3% to 4US3510 and lactose rose 1% to $US2018.

Milk protein concentrate climbed 0.5% to $US6159 a tonne and rennet casein gained 9% to $US7912.

There were 136 winning bidders over 13 rounds. There were 184 participating bidders out of a total number of qualified bidders of 725.

(BusinessDesk)