Dairy prices have risen to a record high at this morning's Global Dairy Trade auction, with the GDT price index gaining 5.1 per cent since the last auction. 

The move surpassed the previous high, recorded on April 13, 2013. 

Prices were up across the board, led by a 10.9 per cent surge in cheddar prices to US$6394 a tonne. 

Wholemilk powder prices, which have the greatest impact on Fonterra's farmgate milk price, shot up 5.7 per cent to an average US$4757/a tonne. 

Skim milk powder, which also has a strong bearing on the milk price, gained 4.7 per cent to US$4481a tonne. 

Butter prices gained 5.9 per cent to an average US$7086/tonne, anhydrous milk fat 2.1 per cent to US$7048/MT and butter milk powder firmed 5.8 per cent to US$4217/tonne. 

This morning's gains put still more upward pressure on Fonterra's farmgate milk price forecast, which has already been heavily revised upwards to record levels. 

Fonterra last month lifted its 2021/22 forecast farmgate milk price range to NZ$9.30 - $9.90 per kgMS, up from NZ$8.90 - $9.50 per kgMS. 

This increases the midpoint of the range, which farmers are paid off, by 40 cents to $9.60 per kg, which would be highest ever paid. 

Fonterra chief executive Miles Hurrell has said the lift in the forecast reflected the increase in global dairy prices since the co-op's previous update in January, and good levels of ongoing global demand for dairy. 

NZX dairy futures pricing had suggested big gains were in store for whole milk powder and skim milk powder.