Dairy product prices rise with whole milk powder

GDT price index rises 1.4%.

Dairy product prices inched higher at the Global Dairy Trade auction, increasing for the fifth time in six auctions.

The GDT price index rose 1.4% to $US2965, up from $US2880 at the previous auction two weeks ago. Some 31,525 tonnes of product was sold, down from 33,937 tonnes at the previous auction.

Whole milk powder gained 2.9% to $US2760 a tonne.

At the latest GDT auction, lactose climbed 5.6% to $US780 a tonne, while butter added 2.6% to $US3984 a tonne.

Anhydrous milk fat increased 1.1% to $US5007 a tonne, while butter milk powder eked out a 0.2% gain, rising to $US2583 a tonne.

Skim milk powder slipped 0.3% to $US2204 a tonne, while cheddar fell 3.7% to $US3290 a tonne, and rennet casein declined 4.5% to $US6286 a tonne.

The New Zealand dollar last traded at 72.05USc at about 1.13pm in New York, compared with 71.34USc at 5pm in Wellington the previous day.

There were 115 winning bidders out of 164 participating at the 10-round auction. The number of qualified bidders rose to 620, up from 617 at the previous auction.

(BusinessDesk)