Global Dairy Price Jump 3.8%
On a bit of good news, world dairy prices jumped 3.8% on the GlobalDairyTrade (GDT) auction in New Zealand today. The aggregate price with $2,263 per metric ton, the highest price level since the first week of February when products traded at $2,276/ton.
Butter was up 2%, to $1.25/lb. Cheddar cheese fell 3.9%, to $1.20. Skim milk powder was up just 0.3%, to 78¢/cwt, but whole milk powder jumped 7.5% to 98¢/lb. Comparable prices on the Chicago Mercantile Exchange were $2.07/lb. butter, $1.42/lb for cheese and 74¢/lb for skim milk power.
The volume traded on the GDT today was fairly low, at 21,206 metric tons. That continues a pattern of low volume, with trades less than 25,000 metric tons stretching back to January.
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