GDT index hits two-year high as prices strengthen

NZ milk production figures for October, the peak month, are due out on Wednesday. (Image: supplied)

Wed, 20 Nov 2024

Global dairy prices have continued to strengthen as inventory levels in China drop.The Global Dairy Trade Index hit its highest level since July 2022 at last night’s auction, up 1.9% to an average price of US$4089 (NZ$6930) a metric tonne.It follows a 4.8% jump at the last auction a fortnight ago which led Fonterra to increase its forecast payout to a range of between $9 per kilogram of milksolid (kgMS) and $10/kgMS to a midpoint of $9.50/kgMS – 20c above its previous record price in 2021/22.At Wednesday’s auction, whole...

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