Average dairy prices rise 3 percent overnight

The average dairy price rose 3 percent at the Global Dairy Trade auction overnight to US$4166 (NZ$7422) a tonne.

In a note, New Zealand Exchange dairy analyst Rosalind Crickett said the prices has "well and truly exceeded expectations".

Crickett said global milk production remained "steady", but was starting to "slow across some major producing regions".

New Zealand's offerings starts to taper in November, with 5 percent less volume sold across global sellers.

Whole milk powder rose 5.9 percent to US$3971 (NZ$7075) a tonne - it's highest point since August 2025.

Skim milk powder also rose 3.1 percent to US$4109 (NZ$7321) a tonne - it's highest point since June 2022.

Butter prices dropped 4.7 percent to US$4503 (NZ$8014) a tonne

"The narrative behind continued milk fat declines remains the same, ample cream availability has caused a supply glut for both milk fat products," Crickett said.

The GDT Price Index was sitting well above where it was at the same time last year, US$1243 (NZ$2215) compared to US$1135 (NZ$2022) in early November last year.