Global dairy prices edge higher in latest auction

Dairy prices have risen slightly in the latest global auction with the average price up 0.4 percent to $US3490 a tonne.

That follows a half a percent rise in the previous auction, and is the highest average price in nearly two years, .

Prices have been rising since late November when they hit a two-year low because of an oversupply on world markets.

Whole milk powder, which has a key influence of farmer payouts, fell by half of a percent to $US3249 a tonne.

Prices for other products were mixed, with butter unchanged and cheddar lower.

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