Global Dairy Prices Jump 2.6%
World dairy prices jumped 2.6% on the GlobalDairyTrade auction in New Zealand today, but the news was tempered by the fact that quantities sold were at their lowest levels in three years. Just 18,113 metric tons sold.
Butter prices did rise 3.8% to $1.22/lb and whole milk powder jumped 3% to $1.2/lb. But world cheese prices dipped 0.8% to $1.22/lb and skim milk powder dropped 0.9% to 75¢/lb.
Each of these commodities is now trading below U.S. prices. SMP prices on the Chicago Mercantile Exchange are at 81¢/lb., barrel cheese is at $1.33/lb and butter is at $2.03/lb. USDA’s Dairy Market News reports whole milk powder is trading in the range of $1.05 to $1.30/lb. f.o.b. the producing plant.
Read all the results of this week’s GDT auction here.