Milk prices soars 20%

The Herald reports:

Diary prices have surged at Fonterra’s latest GlobalDairyTrade auction, with the key whole milk powder price up nearly 20 per cent.

The GDT price index was up 11.4 per cent, taking the average price to $US3327 ($NZ4644) per metric tonne, on Wednesday morning. The index is now at its highest level since July 2014.

Whole milk powder, the company’s biggest product, was up 19.8 per cent to $US3317 per tonne.

The index is now at 1,001 – double the low of 514 in august 2015.

But still a long way off the high of 1,691 in Oct 2007.