The latest Global Dairy Trade (GDT) event on Tuesday 20 July saw 22,405t traded, as the index fell 2.9% to $3,839 (€3,261), the lowest average price since February of this year.

The price represents the seventh consecutive GDT event drop.

Lactose faced the steepest drop in value of all the GDT indices, plummeting 8.9% in value to an average price of $1,127 (€957) per tonne.

A drop in skimmed milk powder (SMP) value followed, as 5.2% was knocked off the average price that took the index to $2,971 (€2,522).

Cheddar was the only index to rise, inching up 1.3% to an average price of $4,022 (€3,415) in the trading event.

A drop of 3.8% since the last event caused the whole milk powder (WMP) index to drop to a price of $3,730 (€3,167).

Butter and anhydrous milk fat (AMF) fell by 0.8% and 0.3% respectively, with the two now averaging $4,419 (€3,752) and $5,615 (€4,768) per tonne traded.

Buttermilk powder was not offered in the trading event and no sweet whey powder price was made available after trading.