Dairy prices nudge up ahead of expected Fonterra payout revision

Dairy prices had a slight reprieve overnight as the overall index rose 0.4 per cent at the latest global dairy auction, but butter has softened dramatically.

The average price per tonne on the Global Dairy Trade index was US$3091 (NZ$3418), with the rise following four consecutive declines.

The auction comes before an expected revision in the Fonterra forecast farmgate payout on Thursday, with most analysts picking a cut from $6.75 per kilogram of milksolids to $6.50.

Most drama centred around the price of butter which fell 11.1 per cent, cheddar was down 3.9 per cent, but New Zealand's key export product, whole milk powder, was up 1.7 per cent.

Other indexes showed largely positive moves, with skimmed milk powder (SMP) in particular rising by 4.7 per cent, despite the large stocks held in European Union warehouses.

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