Dairy product prices surge to highest since June 2011 in GDT auction as drought weighs

Tue, 05 Mar 2013

March 6 (BusinessDesk) – Prices of dairy products surged to the highest since June 2011 in Fonterra's latest GlobalDairyTrade auction with the prospect of New Zealand production curtailed by drought in the North Island. The GDT-TWI Price Index rose 10.4 percent compared to the last sale two weeks ago, the biggest increase since the June 5, 2012, sale and the sixth straight gain. The average winning price rose to US$4,216 a metric tonne. Whole milk powder, the biggest product by volume, led the advance, soaring 18 percent to US$4,298 a tonne....

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