Prices continue to rise in the latest Global Dairy Trade auction, held overnight, with a 0.7% increase across the board.

This follows a 1.1% lift from the previous event, making it the second consecutive positive auction after prices fell at the four events between the end of May and the beginning of July.

Whole milk powder - which has the biggest impact on Fonterra’s farmgate milk price - recorded a solid 2.1% lift, to an average of US$4012/MT.

Skim milk powder - Fonterra’s second-biggest reference product – rose 0.4%, to an average of US$2805/MT.

Anhydrous milk fat rounded out the positive reference products - up 1.2% to an average of US$7081/MT.

On the negative side, cheddar dipped 0.6% to an average of US$4575/MT. It recorded the largest drop in the previous auction at 5.6%.

This time, butter had the biggest loss, down 3.8% to an average of US$7214/MT.

Butter milk powder was down 2.0% to an average of US$3050/MT, and Mozzarella dipped 0.1% to an average of US$4690/MT.

Lactose was not offered at this event.

A total of 37,040 MT of product was purchased by 122 successful bidders, compared to 24,290 MT and 118 winning bidders last time.

On May 29, Fonterra announced an opening forecast farmgate milk price for the 2025/26 season of $10.00 per kgMS, with a wide forecast range of $8.00 - $11.00 per kgMS.

The forecast for the 2024/25 season was left unchanged at a range of between $9.70kgMS - $10.30kgMS -with a $10.00kgMS midpoint.