global dairy trade auction

Dairy prices are continuing to rise. 

Overall prices are up 2.3% in the latest Global Dairy Trade auction overnight, the fourth consecutive rise this summer. 

Prices are down about a third from the record high reached in March 2022 but up about a quarter on the low reached in August last year. 

Infometrics Principal Economist Brad Olsen says told Tim Dower that it's a positive sign. 

He says the index is now at its highest level in almost 12 months, which points to some kind of recovery. 

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Prices exceeded expectations in the latest Global Dairy Trade auction, with a 3.2 percent rise across the board.

This marks the first increase in two months after the index recently tumbled 4.7 percent.

The Country's Jamie Mackay says the value of skim milk power soared as a result of interest from the Middle East, promising an immediate effect on the futures market.

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A second straight drop of dairy prices at the Global Dairy Trade auction this morning.

The first auction of the year has seen overall prices drop by an average of 2.8 percent from the last auction a fortnight ago where it fell 3.8 percent.

Federated Farmers Dairy Chair Richard McIntyre says there are multiple reasons for the drop, including the fact that the world is limited in its ability to pay lots of money for products in general.

McIntyre says we've seen higher milk prices for a long time, but they're just starting to soften off a bit as people begin to run out of surplus money to pay for dairy products.

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