Milk Powder Surges Most in 2 1/2 Years on New Zealand Drought
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Whole-milk powder auction prices climbed the most in 2 1/2 years, Fonterra Cooperative Group Ltd. said.
Powder for May delivery rose 19.3 percent, the most since Sept. 1, 2010, according to a trade-weighted index on the company’s GlobalDairyTrade website. The near-term contract for New Zealand product rose to $4,343 a metric ton, the highest price since March 1, 2011. The New Zealand dollar rose as high as 83.33 U.S. cents from 82.77 cents yesterday.