Dairy product prices rise 14.2 percent to record as drought shrinks volumes

Dairy product prices rise 14.2 percent  to record as drought shrinks volumes
April 3 (BusinessDesk) – Prices of dairy products surged to a record in Fonterra's latest GlobalDairyTrade auction as traders competed for a shrinking volume of milk powder in the face of the continuing impact of drought. The GDT-TWI Price Index rose 14.2 percent compared to the last sale two weeks ago, the eighth straight gain. The average winning price rose to US$4,966 a tonne, the highest on record on the GDT platform that began in July 2008, from US$4,683 a tonne two weeks ago. Whole milk powder, the biggest product by volume, rose 7.7 per...