For the eighth consecutive time, prices at the Fonterra Global Dairy Trade (GDT) auction have fallen. The price index fell by 5.9% to $2,276/t.

Whole milk powder (WMP) saw the biggest decrease, falling by 10.8% to a quoted level of $2,054/t.

Official Dutch quoted prices for dairy commodities have slipped more sharply in the past week, with WMP down by €50/t to a quoted level of €2,220/t, and boxed butter down by $40/t to reach €2,940/t. Skimmed milk powder prices dropped by €10 and €20 respectively, to bring food grade SMP to €1,720/t and feed grade to €1,610/t.

These falls in price follow a drop of €30/t the previous week for WMP and €20/t for SMP (feed).

Trade sources indicate that SMP is so close to the EU floor support level that sales into intervention are probably inevitable.