Dairy product prices soar 14.8 percent to two-year high on drought effect

Tue, 19 Mar 2013

March 20 (BusinessDesk) – Prices of dairy products surged to the highest in two years in Fonterra's latest GlobalDairyTrade auction as drought curtails production in the North Island. The GDT-TWI Price Index rose 14.8 percent compared to the last sale two weeks ago, the biggest increase since the Sept. 1, 2010, sale and the seventh straight gain. The average winning price rose to US$4,683 a tonne from US$4,216 a metric tonne. Whole milk powder, the biggest product by volume, jumped 21 percent to US$5,116 a tonne. Finance Minister Bill Engli...

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