The GDT price index for dairy products increased by 0.1% following the latest trading session.

During the recent auction, the price of whole milk powder, which is a key factor in determining farm-gate milk prices for New Zealand farms, increased by 0.2% to reach 3,483 USD per tonne. Skim milk powder, which ranks second in Fonterra's export product mix, rose in price by 1.2% to 3,261 USD per tonne.

Cheese and milk sugars showed significant growth: the price of cheddar increased by 3.8% to 3,723 USD per tonne, while the cost of lactose rose by 4.1% to 1,780 USD per tonne. An increase in the price of mozzarella by 1.0% to 3,992 USD per tonne was also recorded. These figures helped offset the price decline for fat-containing products. Specifically, butter became 2.3% cheaper at 5,225 USD per tonne, anhydrous milk fat decreased by 0.8% to 6,367 USD per tonne, and buttermilk powder dropped by 2.8% to 3,966 USD per tonne.

The total volume of products sold amounted to 40,504 tonnes, which is higher than the figures from the previous auction (26,889 tonnes). The number of bidders whose applications were successful at the auction rose to 132, compared to 117 at the previous auction, when the GDT index showed a growth of 1.5%.

Fonterra also updated its milk price forecasts. For the 2026/27 season, the forecast has been lowered to 9.25 USD per kg of milk solids (range of 8–10.50 USD) compared to the May expectations of 9.75 USD (range of 8–11 USD). For the 2025/26 season, which ended on May 31, the cooperative narrowed the forecast range to 9.60–9.80 USD per kg of milk solids, maintaining the midpoint at 9.70 USD, which represents the second-highest figure on record.