Global Dairy Auction Up for Second Consecutive Session
New Zealand’s Global Dairy Trade (GDT) auction was up for the second consecutive trading session this month, up 1.7% today. All major dairy commodities were up, and volume was solid with more than 36,000 metric tons changing hands.
Butter was up 4.9% to $1.78/lb. Cheddar cheese climbed 2.2% to $1.48/lb. Powder prices were also up, with skim milk powder climbing 3.4% to 93¢/lb and whole milk powder up 0.3%, to $1.21/lb.
U.S. prices for cheddar barrels are still competitive at $1.32/lb., and U.S. skim milk powder prices are now about at par with world prices. U.S. prices for butter are about 20% higher than world prices, and our whole milk powder is trading at about a 28% premium.
For more on today’s auction, click here.