Global dairy prices largely unchanged in latest auction

The average price for commodities was US$4110 per metric tonne.
The average price for commodities was US$4110 per metric tonne. Photo credit: Getty

Dairy prices remained steady in the latest Global Dairy Trade event overnight, falling 0.1 percent.

The average price for commodities was US$4110 per metric tonne (MT), with a total of 25,040 metric tonnes of product sold.

Prices for whole milk powder - the most important commodity for Kiwi farmers - rose 0.4 percent to US$4097/MT.

Cheddar was also up, with prices increasing 1.2 percent to US$4436/MT. 

The price for skim milk powder remained unchanged at $US3365/MT.

All other products on offer dropped in price.

Lactose fell 3.4 percent to US$1260/MT, anhydrous milk fat was down 3.3 percent to US$6003/MT and butter was down 0.6 percent to US$5735/MT.

In March global prices for dairy surged 15 percent to a seven-year high, fuelled largely by strong demand from China.

Since then prices have come back slightly, but remain strong, with whole milk powder prices currently up more than 50 percent on what they were this time last year.