Fonterra’s Global Dairy Trade-Trade Weighted Index, which covers a range of 30 products and contract periods on offer, rose 1.1 percent, with an average selling price of $3,387 per ton. It followed a 1.8 percent rise at the previous auction three weeks ago.
Dairy prices have been improving since the middle of the year, in part because of the drought in the United States, as supply and demand have become better aligned.
At the latest auction, there were solid rises for butter milk powder, rennet casein, and anhydrous milk fat, with whole milk powder the only main product to fall.
There were 136 winning bidders over 13 rounds. There were 184 participating bidders out of a total number of qualified bidders of 725.
Fonterra holds two auctions a month, with the next one due on Nov 20.