Dairy product prices rose for a second consecutive time at today’s Global Dairy Trade auction with prices rising 12.7%.

The average price paid for dairy product at the event stood at US$2,731/MT with 37,766t of product traded.

Whole milk powder (WMP) and buttermilk powder (BMP) were the main movers at the latest event, rising 18.9% and 18.1% respectively.

WMP traded at US$2,695/MT which is the equivalent of 30.51c/L in Irish constituents.

All dairy product prices were positive at today’s Global Dairy Trade, with skimmed milk powder (SMP) and lactose up 3% and 3.5%.

Earlier this week, New Zealand bank ASB, pointed to another rise in dairy prices, suggesting that prices at the auction could rise by over 10%.

It expected whole milk powder (WMP) to be the driver of this latest increase, with the futures market expecting a rise of between 12-15%, which it surpassed.

Key Results

AMF index up 8.4%, average price US$4,148/MT
Butter index up 14.1%, average price US$3,274/MT
BMP index up 18.1%, average price US$1,983/MT
Ched index up 8.9%, average price US$3,157/MT
LAC index up 3.5%, average price US$763/MT
RenCas index up 2.5%, average price US$6,326/MT
SMP index up 3.0%, average price US$2,028/MT
WMP index up 18.9%, average price US$2,695/MT

At the last auction, two weeks ago, dairy product prices rose by 6.6% with WMP and rennet casein (RenCas) the main movers with a 9.9% and 16.3% increase respectively.

The two Global Dairy Trade events in August (including today’s auction) come after three auctions of flat prices and several months of fluctuating dairy prices at the event.