Dairy prices rise again despite earthquake fears
Prices have risen again at this morning's GlobalDairyTrade auction.
The GDT Index rose by 4.5 percent to US$3519 per metric tonne, following a rise of 11.4 percent two weeks ago.
Prices for New Zealand's major dairy export product, Whole Milk Powder, rose by 3.2 percent to US$3423 per metric tonne. That was despite futures prices indicating that Whole Milk Powder prices might fall in price at today.
All product categories recorded price increases.
Skimmed Milk Powder prices rose 9.8 percent to US$2562 and Butter Milk Powder prices rose by 13.3 percent to US$2623.
Global prices have risen for three auctions in a row and are at their highest level in 28 months.
There had been concern that uncertainty over Monday's earthquakes might impact prices.
Fonterra has confirmed that its milk processing plants are not affected, but there could be some impact on milk collection.
Recent auctions have been held during what has become a global slowdown in production, with New Zealand, Australia and Europe recording a drop in output.
Production has slipped by around 3 percent in New Zealand due to poor weather conditions in some areas.