The rise was led by a leap in whole milk powder. Prices lifted for all commodities except anhydrous milkfat (AMF).
WMP prices leapt 14% overall. Prices were up for all contract periods, though the lifts were strongest for nearer dated contracts, indicating there is strong short term demand.
The average WMP price is now back to the level it was at the end of January.
“There has been good demand for WMP recently, and there is still limited availability from NZ at this time of year with our season yet to get into full swing,” NZX dairy analyst amy Castleton said in a note. “It’s likely that buyers have been trying to get in while prices are relatively low, and while product is available, with milk production for the season ahead uncertain.”
Skim milk powder (SMP) was up 3.5%, while butter prices lifted 3%.
AMF prices eased 0.2% and regular grade AMF to ship in September was down 1.3%.
“Demand for AMF has been lackluster, with covid-19 restrictions still affecting demand from food service in particular.”
Buttermilk powder was up 3.8%, cheddar lifted 3.3%, and lactose was up another 1.9%.
