The second and final GDT auction for August recorded a 1.7% drop in the index price, the third negative result in a row.

Tuesday’s event brings the index price to US $3,004/t. Butter fell by 2% with cheddar dropping in value by 3.6%. There was mixed fortunes for powder, with skim milk powder (SMP) increasing by 1.1%, but whole milk powder (WMP) down by 2.2%.

European prices

However, prices are generally steady on European markets with butter prices holding static at the weekly Dutch Dairy Board auction on €3,330/t, with WMP on €2,720/t and SMP on €2,050/t.

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GDT index down 1.7% as powders hold up but fats decline