The GDT dairy index fell almost 4% on St Patrick’s day as dairy market prices fell further in New Zealand. Just under 25,000t of dairy product were sold on the benchmark dairy auction platform this week as the global coronavirus outbreak continues to affect supply chains and consumer demand.

It’s the fourth GDT auction in a row in which average dairy commodity prices have fallen. However, across the product there was some positive news. Although Tuesday’s GDT auction saw a steep fall in the price of milk powder in particular, butter and cheese prices actually saw a slight increase.

The price of whole milk powder (WMP), which is the key commodity traded on the GDT accounting for over 50% of product sold, fell sharply by more than 4% on Tuesday to just under $2,800/t (€2,550/t). At the same time, the price of skimmed milk powder (SMP) plunged more than 8% in a single auction to just under $2,530/t (€2,300/t). SMP accounts for about 25% of all product sold on the GDT auction platform.

While milk powder prices fell, the price of dairy fats actually increased at Tuesday’ auction. Cheddar cheese prices increased almost 3% to $4,400/t (€4,000/t), while butter prices showed a marginal gain (+0.3%) to reach $4,145/t (€3,775/t). The price of anhydrous milk fat increased 1% to $4,330/t (€3,950/t).