Whole milk powder price makes gains
Dairy prices have risen 1.4 percent at Fonterra's fortnightly GlobalDairyTrade auction, helped by a good lift in the important whole milk powder price.
The average price rose to US$2965 (NZ$4115) per tonne at the auction on Wednesday morning and the whole milk powder price was up 2.9 percent to US$2760.
The price of whole milk powder, which is Fonterra's main export, had declined at the previous two auctions but a lift was predicted with a drop in production in October.
The New Zealand dollar last traded at 72.05 US cents at about 1.13pm in New York, compared with 71.34 US cents at 5pm in Wellington on Tuesday.