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Dairy commodity prices came under pressure at this week’s GDT auction, where the index price fell by 3.4% to US $3,423/t.
It is the second successive auction were the index has fallen after 11 consecutive price increases since December 2018. Dairy fats in particular were down. Butter recorded a sharp drop of 10.3% to $4,805/t, which converts to a euro equivalent of €4,271/t, although it is still ahead of the latest Dutch dairy board price of €3,890/t. Cheddar fell by 14%, following a 15% price increase at the previous auction in late May. Whole milk powder fell by 1.5%, with skim milk powder down 4%.
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