The GDT index recorded its strongest performance in over two years at Wednesday’s auction, with dairy prices jumping 7% to an average selling price of $3,265/t (€2,870/t).

Although the volume of product sold this week on the dairy auction platform was low, there were strong gains across the board for most dairy commodities.

The benchmark dairy index was led higher this week by rising prices for both whole and skimmed milk powder (WMP and SMP).

WMP prices shot up more than 8% this week above $3,000/t (€2,660/t), which is its highest price level in over six months.

On the SMP side, average prices jumped 4% to $2,535/t (€2,225/t), which is the highest level since February 2017.

On the fats side, butter prices jumped 4% to $4,445/t (€3,905/t), while anhydrous milk fat prices gained 6% to $5,580/t (€4,900/t). Cheddar prices were up just over 1% to reach $3,565/t (€3,130/t).