Tuesday, March 2, 2021

Auction drives global dairy prices up

World dairy prices shot up by 15 per cent on a global auction this week.

That comes after a three per cent increase two weeks ago.

The top price for whole milk powder went up by 21 per cent to $4,364 US per tonne; the average for the auction was $4,231 US a tonne.

Almost all other dairy commodities also rose; butter was up by 13.7 per cent to average $5,826 US a tonne.

 Amy Castleton, a dairy market analyst in New Zealand, said this was definitely a higher result than anyone expected. Some analysts were predicting a lift, but only of three to four per cent.