The GlobalDairyTrade price index rose 3.6% to $2,709. Whole milk powder prices rose 1.6% to $2,307.
NZD/USD quickly rose 25 pips to a session high of 0.7768 on the headlines then peeled back to 0.7754. Mike warned about the auction earlier and also noted a 0.7710 option running off at the top of the hour.
It’s the second strong auction after months of declines.
Fonterra GDT auction changes
