The GDT fell 3.5% at this week’s auction in New Zealand to record its third consecutive decline since the start of October. The benchmark dairy index was led lower this week by a major drop in the price of whole milk powder (WMP).

The average price of WMP plunged almost 6% at this week’s auction to $2,850/t following similar weakness in European powder prices in the last fortnight. Skimmed milk powder (SMP) recorded a slight increase in price (+1%) to just over $1,800/t but overall prices remain on the floor.

On the fats side, butter also mirrored the recent negative sentiment in Europe with prices falling 4% at this week’s GDT to below $5,520/t. Cheddar prices fell 3% to $4,000/t. In contrast, butter milk powder prices jumped over 7%, while anhydrous milk fat was up marginally. Just over 35,000t of product were sold at this week’s auction.