The GDT dairy index posted a modest rise on Tuesday, with average dairy prices lifting 0.5%. This is the third consecutive auction in which average dairy prices have risen on the benchmark dairy index in New Zealand.

This week’s GDT auction was led higher by a 2.4% rise in the average selling price of skimmed milk powder (SMP) to $2,745/t (€2,485/t), which is the highest price level for SMP in almost five years. The price of whole milk powder (WMP), which is the most important dairy commodity traded on the GDT accounting for over 50% of product sold, was flat at just over $3,130/t (€2,840/t).

On the fats side, butter prices fell by 0.5% to $4,105/t (€3,720/t), while the price of anhydrous milk fat increased 1% to $5,065/t (€4,590/t). The price of cheddar fell more than 2% to $3,636/t (€3,295/t). More than 38,700t of product were sold at this week’s GDT.