The overnight Global Dairy Trade (GDT) auction has delivered another solid result.

The GDT price index rose 4.8%, its fifth straight rise.

More importantly for farmers, whole milk powder price rose 2.2% to a four-year high of US$3,380/MT.

Fonterra uses WMP price as a benchmark to set its farm gate milk payout.

Key Results

AMF index up 17.2%, average price US$5,398/MT

Butter index up 4.6%, average price US$4,735/MT

BMP not offered

Ched index down 0.3%, average price US$4,082/MT

LAC index up 6.6%, average price US$1,173/MT

SMP index up 7.0%, average price US$3,243/MT

SWP not offered

WMP index up 2.2%, average price US$3,380/MT