Global Dairy Auction Up Again
The Global Dairy Auction gained more strength today, climbing 3.5%, for the fourth consecutive auction. Since early October, the world dairy composite price has jumped 26% to $3,622. World prices have now rebounded to a level not seen since May 2014.
Volume of trade today was weak, with just 22,472 metric tons selling. That’s the lowest level of trade since May.
Nevertheless, all major commodities were up. Butter climbed 1.7% to $1.93/lb. Cheddar cheese was up 2.2% to $1.70/lb, and skim milk powder was up 1.4%, to $1.17/lb. Whole milk prices climbed the most, up nearly 5%, to $1.63/lb.
On the Chicago Mercantile Exchange, U.S. prices were $2.11/lb for butter; $1.60 for cheddar (barrels) and $.99 for skim milk powder.
Read all Global Dairy Trade results here.