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NZ Dairy Update 20 September 2023
Dairy auction prices rose for the second successive auction overnight. Both overall prices and key whole milk powder (WMP) prices jumped by 4.6%. The price rise was also broad-based. Four products posted price rises against one price fall. Leading the way were skim milk powder and anhydrous milk fat prices, with both products recording rises of over 5%. Meanwhile, butter prices posted a 3.8% gain. The WMP price rise was roughly in line with expectations. We had pencilled in a 3% WMP price lift late last week, while the futures market, immediately ahead of the auction, had pointed to a WMP price rise of around 7%. ... (full story)