Global Dairy Markets Mixed
The good news: Skim milk powder and cheddar cheese prices both improved on the Global Dairy Trade (GDT) auction in New Zealand this morning. The bad news: Butter and whole milk powder declined as did the aggregate price of all dairy products trading.
In total, the GDT was off 0.6%, with butter declining to $2.37/lb adjusted to 80% butterfat equivalent. Whole milk powder declined 0.9% to $1.47/lb.
Cheddar cheese jumped 1.7% to $1.71/lb and skim milk powder was up 5.5% to 88¢/lb.
Comparable prices on the Chicago Mercantile Exchange are: Butter, $2.23/lb; Cheddar, 1.51/lb, and SMP, 65¢/lb.