The average price for whole milk powder in Fonterra's latest internet auction rose 16.6% from last month to NZ$2,158/tonne, giving more weight to recent comments that prices in the market have bottomed out. The latest auction was the first where the average price did not fall from the previous event. "The globalDairyTrade result reflects what customers believe is a fair price in today's uncertain market," Fonterra's Managing Director of Global Trade Kelvin Wickham said. "This latest result is another indicator of what are seeing in the market. We expect prices to move around in this transition period as supply and demand rebalances." The March auction average price was up from US$1,851/tonne in February, when prices had fallen 58% from when the auctions began in July.
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