Tuesday’s GDT auction recorded a big price drop of 4.1% to an average US $4,360/t. The price index at 1,287 is back on par with levels recorded in December 2021.

It is the second negative GDT event in a row and seven of the last eight auctions have recorded lower prices.

Butter dropped in value by 9.1% with skim milk powder (SMP) down 5.2% and whole milk powder (WMP) down 3.3%. Cheddar rose by 1.4%.

On Wednesday at the weekly Dutch Dairy Board auction, butter price fell for the first time in six weeks with an €80/t drop to €7,190. However, this is still up €3,600/t on the same week last year. SMP fell by €50/t to €3,960/t, although WMP held firm at €5,160/t.

In the Republic of Ireland, the Ornua Price Index has strengthened by 0.9 points to 179.4 for June. Allowing for a processor margin, the index equates to a June milk price of 53c/l excluding VAT, or a sterling equivalent of 45.58p/l.

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