Prices of dairy products surged to the highest in two years in Fonterra’s latest GlobalDairyTrade auction as drought curtails production in the North Island. The GDT-TWI Price Index rose 14.8 percent compared to the last sale two weeks ago, the biggest increase since the Sept. 1, 2010, sale and the seventh straight gain. The average winning price rose to US$4,683 …

Concern about Europe’s squabbling over a palatable plan to save Cyprus from financial collapse weighed on Wall Street, even as the latest US housing data showed further signs of a sustainable recovery in the industry. Cyprus President Nicos Anastasiades said that lawmakers are likely to reject a plan to tax bank deposits, even as it was amended to protect those …

ANZ reports the  GDT-TWI index rose a massive 14.8 per cent overnight as there was a scramble to secure reduced New Zealand ’s supply before the end of the season. Wholemilk powder prices hit its highest level ever, rising 21.2 per cent to US$5,116 per tonne. This will certainly increase the pressure for a further increase in the 2012-13 milk …