The global dairy market is in freefall, if the latest Global Dairy Trade auction result is any guide.
Today's event saw the overall index drop by 7.4% to 850 points, putting the cumulative drop at 15% since the middle of June. The current level is the lowest since November 2018.
The whole milk powder (WMP) market is bearing the brunt of the selloff, with prices down 11% at today's event, following on from a 10% drop at the event two weeks ago. The average price for WMP stood at €2,331, down just over €500 since 18 July. That puts WMP below the November 2018 low.
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The results come as China's economy remains in the doldrums, curtailing demand while global dairy production is not slowing as much as had been predicted earlier in the year.
There is a three-week break before the next GDT auction which is scheduled for 5 September.
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The global dairy market is in freefall, if the latest Global Dairy Trade auction result is any guide.
Today's event saw the overall index drop by 7.4% to 850 points, putting the cumulative drop at 15% since the middle of June. The current level is the lowest since November 2018.
The whole milk powder (WMP) market is bearing the brunt of the selloff, with prices down 11% at today's event, following on from a 10% drop at the event two weeks ago. The average price for WMP stood at €2,331, down just over €500 since 18 July. That puts WMP below the November 2018 low.
The results come as China's economy remains in the doldrums, curtailing demand while global dairy production is not slowing as much as had been predicted earlier in the year.
There is a three-week break before the next GDT auction which is scheduled for 5 September.
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