The Global Dairy Trade (GDT) index, an indicator of market sentiment, increased for the sixth consecutive auction (6 June).
The index rose 0.6% on the fortnight, with an average weighted price of US$3,395/t (£2,633.2/t).
The lift puts it 63.6% higher than a year ago, the highest level since June 2014.
The most significant rise was seen in the auction’s second most-traded commodity, skim milk powder (SMP), which rose 7.9% to average $2,156/t (£1,617.3/t).
There were also significant rises for butter, buttermilk powder and cheddar which rose 3.3%, 5.8% and 13.5% respectively.
An increase more in line with those seen in recent weeks was only thwarted by a largely anticipated 2.9% drop in the auction’s most traded commodity, whole milk powder.
The New Zealand-based auction has largely reflected global dairy commodity price increases which have been booming in recent weeks.
In the UK, the latest AHDB Dairy data shows butter wholesale prices 128% higher and cream 112% above where they were 12 months ago at £1,960/t and £4,300/t respectively.
Dairy indicators milk for cheese value equivalent (MCVE) and actual milk price equivalent (AMPE) now both sit above the 30p mark, at 33.3p/litre and 31p/litre respectively.
AMPE and MCVE track butter and milk powder and cheese and whey values respectively and indicate what these commodities are worth to processors before transport costs are deducted.
Increasing mild cheddar, whey and whey butter prices resulted in a 1.5p/litre (5%) jump for MCVE while the value of butter and SMP led to a 3.3p/litre (11.9%) rise compared with the month before, according to AHDB Dairy.
GDT events measure bids from dairy commodities from participants spanning 80 countries around the world, including the EU, New Zealand, Australia, India and the US.