This week’s GDT auction dropped more than 4% as prices for almost all dairy commodities traded on the benchmark dairy index recorded a decline.

Milk powder prices were hit particularly hard at this week’s GDT as New Zealand prices begin to come back in line with the world market.

WMP

The average selling price of whole milk powder (WMP) fell by 4% to just over $2,700/t (€2,490/t), while skimmed milk powder (SMP) prices slumped 5% to $2,380/t (€2,190/t).

Butter

Butter prices were also down 4% this week to just under $4,120/t (€3,795/t), while the price of anhydrous milk fat (AMF) plunged by 7% to $4,080/t (€3,760/t).

The average selling price of whole milk powder fell by 4% to just over $2,700/t (€2,490/t), while skimmed milk powder prices slumped 5% to $2,380/t (€2,190/t)

Cheddar bucked the trend at this week’s GDT with average prices rising by 2% to $4,480/t (€4,125/t). This is driven by the soaring retail demand for long-life cheeses such as cheddar.

The last GDT auction in the first week of April surprised many market onlookers as average dairy prices actually jumped by 1%, despite the deterioration of dairy markets in the US and Europe.