Dairy commodity markets continue to strengthen, with butter and powder recording significant price increases at the bi-monthly GDT and weekly Dutch Dairy Board (DDB) auctions.

On Tuesday, the GDT index rose by 3.3% to a 19-month high of 1,143, with 10 of the last 12 auctions ending with higher prices recorded.

Butter jumped by 5.1% to US $6,931/t, putting the commodity at its highest value since March 2022.

Skim milk powder (SMP) rose by 3.5%, while whole milk powder (WMP) increased by 2.9%.

On Wednesday, the DDB auction saw butter price increase for the fourth week in a row, jumping €430 to €6,480/t.

It means European butter is now at its highest value since October 2022.

SMP rose by €50 to €2,440/t with WMP up by a similar amount to finish at €3,700/t.

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