GDT Off 0.5%
The Global Dairy Trade (GDT) auction was down a half percent today, marking the first decline in the GDT in three months. Market gains in 2018 auctions had reached 13.5% before the latest trading period.
Skim milk powder (SMP) saw the largest decline at 3%, with prices ending at 83 cents per pound, down from 87 cents in the last auction on February 13. Cheddar prices were down as well, off 1.3% to finish at $1.67, down 2 cents from the last GDT.
Gains were minimal, with the biggest gain coming in the butter trade. Butter was up 1.1% to a price of $2.41 per pound, up 2 cents since the last session. Whole milk powder up 0.3% to $1.47, up just a penny since the last trade.
Despite the slight price decrease, U.S. product prices are still considerably lower than global markets, putting the U.S. in an advantageous position.