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Prices for other products, including butter and skim milk powder, also fell at the auction.

The dairy co-operative credits increasing global demand for dairy products for its record opening forecast for next season's farmgate milk price.

Fonterra releases record high farmgate milk price opening forecast © RNZ / Dan Cook Fonterra has released a record high opening forecast for next season's farmgate milk price, crediting increasing global demand for dairy products. The co-op's forecast range for the new season, which kicks off next month, has a mid point of $8 per kilogram of milk solids. Meanwhile, for the season just ending Fonterra narrowed its forecast range, leaving the mid point 5 cents lower at $7.55. Chief executive Miles Hurrell said strong demand for dairy and the improving global economic environment was behind th...

Dairy prices weakened at the overnight auction following a surge higher at the previous event. Dairy prices eased in the overnight global auction following a surge higher at the previous event, although prices remain elevated amid strong demand. The global dairy trade price index fell 3.8 per cent. The price of whole milk powder, which has the most impact on what farmers are paid, dropped 6.2 per cent to an average US$4083 a tonne. The pullback follows a 15 per cent jump in average prices and a 21 per cent rise in the price of whole milk powder at the previous auction two weeks ago. The GDT...