The trade weighted price of milk increased 14.8% in this morning’s GlobalDairyTrade auction.
This is the seventh increase in a row.
The price of anhydrous milk fat rose 16.3%; butter milk powder increased 8.6%; butter 11.5%; cheddar was up 13.7%; rennet casein gained 3.1% and skim milk powder rose 7.7%.
The price of whole milk powder gained 21.2%.
Whole milk is the main determinant for the payout.
Various pundits have suggested the payout will increase but it is very late in the season and volume is reduced because of the drought so I think the forecast payout is likely to remain unchanged.