Another Disappointing Day on the Global Dairy Trade Auction
For seventh time in the last eight semi-monthly sales, prices declined on the Global Dairy Trade auction today in New Zealand. The overall, composite price declined 1.3%, and all seven commodities offered for sale showed negative numbers.
Butter was down just slightly, off 0.1% to $1.94/lb. Cheddar cheese was off 3.5%, to $1.59/lb. Skim milk powder was down 1.1% to 90¢/lb and whole milk powder closed off 1.8%, at $1.26/lb.
U.S. prices remain competitive for cheese (if sold in barrels) and are nearly on par for skim milk powder, which is trading at 87¢/lb on the Chicago Mercantile Exchange. But U.S. prices for both butter and whole milk powder are currently trading 15% to 20% higher than world prices.
You can view complete GDT results here.