Butter, Cheese Climb on Global Dairy Auction
Butter prices climbed 1.6% and cheese was up 1.3% on New Zealand’s Global Dairy Trade (GDT) auction today. Skim milk powder prices softened, however.
Butter prices rose to $1.99/lb, still trailing U.S. prices by about 10%. But world cheddar cheese prices, at $1.79, are 15¢ higher than U.S. barrel prices. And even though world skim milk powder prices dipped 1.6% to $1.19/lb, still are trading 14¢/lb higher than U.S. domestic prices. Whole milk DGT prices came in at $1.49/lb, down 0.1%.
Volume on today’s auction was 22,030 metric tons, similar to the volumes of the past four auctions dating back to early December.
See complete GDT results here.