Prices at Fonterra’s first online dairy auction for the year rose overnight, as the key whole milk powder price made up some of the ground lost at the end of last year.Â The GDT-TWI Price Index rose 2 per cent, with an average winning price of US$3,357 per metric tonne. That followed a 1.1 per cent rise in the previous sale two weeks ago.
Maximum Supply, or the measure of how much dairy product Fonterra has for sale, was 45,490 tonnes. A total of 45,252 tonnes was sold.
At last night’s auction, three of the eight products categories showed price declines, one was not traded, and four rose.
Whole milk powder, the largest product category by volume, recovered 1.6 per cent. Skim milk powder led gainers, with prices up 4.7 per cent.
The auction saw 164 participants out of 743 qualified bidders take part, with 122 winning bids.