Dairy prices continue to slide as GDT drops 3.5%

The Global Dairy Trade auction in New Zealand has seen a seventh consecutive drop with butter taking the largest hit.

20 November 2018

A total of 42,966 metric tonnes of product was sold at the latest auction. \ Liam O'Neill

The Global Dairy Trade (GDT) auction in New Zealand experienced its seventh consecutive drop in price in the latest auction.

The latest auction saw a drop of 3.5% in the GDT price index on the last auction held on 6 November.

The average price now stands at $2,727 USD/MT (€2,391).

Butter

Butter took the largest hit, down 9.6% to $3,637 (€3,189).

Skim milk powder (SMP) and whole milk powder (WMP) both declined marginally by 1.6% and 1.8%, respectively.

SMP is now $1,926 (€1,689) and WMP is $2,599 (€2,279).

Bidders

A total of 170 bidders took part in the auction with 42,966 metric tonnes sold, a slight increase on the previous auction.

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The trading event finished with the Global Dairy Trade (GDT) index up 0.1% on the previous auction a fortnight ago.