Dairy commodity prices continued to rise at Fonterra's overnight online auction, with the globalDairyTrade trade weighted index rising 5.9 percent, and the average winning price up to US$4826 (NZ$6446) from US$4540 a fortnight ago.
Dairy commodity prices continued to rise at Fonterra's overnight online auction, with the globalDairyTrade trade weighted index rising 5.9 percent, and the average winning price up to US$4826 (NZ$6446) from US$4540 a fortnight ago.
For anhydrous milk fat, the trade weighted price edged up 1.1 percent to US$6424, skim milk powder gained 2.3 percent to US$3977, and wholemilk powder was up 9.6 percent to US$4619.
ANZ said larger increases for shorter term contracts indicated supply concerns remained to the fore, while BNZ's Mike Jones pointed out the overnight rise of 5.9 percent took the year-to-date rise to a "whopping" 28 percent.
Yesterday, the latest ANZ commodity price index showed world prices for New Zealand's main export commodities rose 2.7 percent in February to another record. It was the sixth consecutive monthly rise for the index which is up a cumulative 21 percent over the past six months.
