The Global Dairy Trade (GDT) index fell by 1.4% after Tuesday’s auction in New Zealand with an average product price of $2,405/t. This latest result marks the second drop in the benchmark dairy index this month.
As has been the trend at GDT auctions for the last six months, the volume of product sold via the auction platform remains well behind previous years. Just under 22,000t of dairy product was sold at Tuesday’s auction, a significant supply reduction when compared with the near 32,000t sold this time last year.
The average price of whole milk powder (WMP), the key commodity traded on the GDT, declined marginally by 0.5% to $2,188/t. WMP is the significant driver of the performance of the GDT index as it accounts for more than half the product sold at each auction.
There were also declines in the average price of other important dairy commodities including butter, cheddar and skimmed milk powder (SMP). Butter values were back almost 6%, while the average price of cheddar dropped 3.4%. The average price of SMP sold at auction was back more than 3%.
Average prices for rennet casein (-7.8%) and lactose (-1.7%) were also back.
The only dairy commodities to record an increase in average product price was butter milk powder (+2.7%) and anhydrous milk fat (+2.4%).
Read more
Little joy yet in dairy market revival
First dairy auction of 2016 drops slightly
The Global Dairy Trade (GDT) index fell by 1.4% after Tuesday’s auction in New Zealand with an average product price of $2,405/t. This latest result marks the second drop in the benchmark dairy index this month.
As has been the trend at GDT auctions for the last six months, the volume of product sold via the auction platform remains well behind previous years. Just under 22,000t of dairy product was sold at Tuesday’s auction, a significant supply reduction when compared with the near 32,000t sold this time last year.
The average price of whole milk powder (WMP), the key commodity traded on the GDT, declined marginally by 0.5% to $2,188/t. WMP is the significant driver of the performance of the GDT index as it accounts for more than half the product sold at each auction.
There were also declines in the average price of other important dairy commodities including butter, cheddar and skimmed milk powder (SMP). Butter values were back almost 6%, while the average price of cheddar dropped 3.4%. The average price of SMP sold at auction was back more than 3%.
Average prices for rennet casein (-7.8%) and lactose (-1.7%) were also back.
The only dairy commodities to record an increase in average product price was butter milk powder (+2.7%) and anhydrous milk fat (+2.4%).
Read more
Little joy yet in dairy market revival
First dairy auction of 2016 drops slightly
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