Dairy prices surge 5.5% overnight

All eyes are Fonterra to see if it adjusts its forecast. (Image: Unsplash)

Wed, 21 Aug 2024

Global dairy prices have surged overnight, with the biggest percentage jump in over three years.At last night’s Global Dairy Trade (GDT) auction, the price index rose 5.5% to US$3,920 (NZ$6,368) a metric tonne – the most significant percentage jump since March 2021.It was the sixth auction of the new season and comes after prices dropped 6.9% six weeks ago.Whole milk powder, which has the biggest influence on Fonterra’s milk price and makes up half of the auction, jumped 7.2% to US$3,482/MT.Skim milk powder – t...

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