Surging dairy prices boosted a new record high in the ANZ Commodity Price Index, as local milk production begins to wind down here while farmers in the Northern Hemisphere struggle to get started.

The ANZ index jumped almost 5%  to 235.2 in April, with a 9.9% increase in dairy prices.

Fonterra’s online trading platform will hold its monthly auction on Wednesday in the US.

This follows the average price of whole milk powder soaring 21% to its highest level since the first auction in July 2008.

Nine other commodities reported gains, including skins up 10.1%, beef up 4% while wool and sheep meat increased 1.2% and 0.2 % respectively.