Global Dairy Markets Again Inch Up This Week
The Global Dairy Trade auction in New Zealand inched up another 0.5% this week, the 10th consecutive twice monthly trading session to do so. Volume, however, was very low, with just 16,166 metric tons of product changing hands.
Butter was the big winner, up 3.5% to $2.52/lb. Cheddar cheese rose 1.4% to $1.96, and skim milk powder (SMP) was up 0.2% to $1.12/lb. Whole milk powder fell back 0.7% to $1.48/lb.
U.S. prices for butter, cheese and SMP are all competitive on the world market. U.S. whole milk powder, however, continues to trade at a 10¢ to 15¢/lb premium to world prices.
You can read all the result from this week’s GDT trading session here.