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NZ Dairy prices hit 7-year high on Global Dairy Trade auction as tight milk supply underpins demand
Dairy prices rose at the global auction overnight, surpassing their March peak to touch a fresh seven-year high, as tight milk supply underpins demand for New Zealand’s biggest export commodity. The Global Dairy Trade price index increased 1.4 per cent at the latest auction, to touch its highest level since March 2014. The index has been on a march higher since August. Global dairy prices have been supported this season by weaker milk production in New Zealand and overseas due to poor weather and higher feed costs. Fonterra’s New Zealand milk supply is down about 3 per cent on the same time last season and is ... (full story)