Skimmed milk powder (SMP) prices collapsed by 9% at Tuesday’s GDT auction in New Zealand with prices falling below $1,890/t (€1,540/t). The sharp correction in SMP prices dragged the overall GDT index lower this week by 1.2%, which is the third consecutive decline since late February.

WMP price flat

The price of whole milk powder (WMP), which accounts for more than 50% of product sold on the GDT, remained flat at $3,230/t (€2,630/t). On the fats side, butter prices were steady at $5,280/t (€4,300/t), while cheddar cheese prices fell 4% to $3,610/t (€2,940/t).

Less than 19,000t of product were sold at this week’s GDT event as New Zealand enters the back end of its 2017/18 production season.