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European dairy markets appear to be steadying with prices at the weekly Dutch Dairy Board auction moving up slightly since mid-April.
Butter prices rose by €40/t this week to €2,610, up from €2,550/t three weeks ago when the market reached its lowest level this year. However, butter is still well below the €4,080/t average for May 2019.
Skim and whole milk powder were unchanged this week at €1,900/t and €2,550. But again, both products have recovered since reaching their lowest level this year in mid-April.
GDT
The first GDT event for May resulted in a 0.8% drop in the index price, which now stands at US $2,866/t. Butter and cheddar fell by 5.8% and 6.8%, but skim and whole milk powder rose marginally by 0.1%.
MPI
However, the fragility of commodity markets is being reflected in the milk price indicator (MPI) published by the UFU. The latest MPI released on 1 May fell by 0.2p/l to 26.68p/l, and now stands at its lowest level since January 2018.
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