The average price paid for dairy commodities sold at the Global Dairy Trade (GDT) auction dropped by 0.7% on Tuesday when compared with the previous trading event on 22 February.

This is the second consecutive drop in the GDT, with three of the five trading events held in 2023 seeing a fall in commodity value.

A drop in the trade was led by cheddar taking a 10.2% tumble, which negated the 1.5% rise in cheese seen two weeks ago.

Butter milk powder posted a 4.5% fall, but butter weathered the event with a slip of only 0.3%.

An increase in value of butter equating to 3.8% limited losses at the last event in February.

Anhydrous milk fat was down 1.8% and skimmed milk powder back 1.1%.

Lactose rose 0.3% and whole milk powder was up by 0.2%.

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GDT down 1.5% but butter still on the up