Slight rise in Fonterra dairy auction price
Dairy commodity prices have experienced a slight rise in the fortnightly Fonterra auction after two consecutive drops.
The GlobalDairyTrade's trade-weighted price index overnight rose 0.1 per cent compared with the last sale.
The average winning price was up to US$4805 ($5750) a tonne from US$4797 a tonne.
Maximum supply, the measure of how much product Fonterra has for sale, rose to 54,416 tonnes from 51,874 tonnes, with a total of 52,297 sold.
Dairy commodity prices are nearly 50 per cent higher than a year ago.
In the latest auction four of the nine product categories rose, with one not traded and no change to the price of whole milk powder, the biggest category by volume.
Cheddar rose by 4.5 per cent.
Butter was up 1.7 per cent.
Rennet casein led the decliners, down 5.4 per cent, with anhydrous milk fat down 1.6 per cent.
In last night's auction 206 bidders took part, with 147 winning bidders, and 826 qualified to bid.