Global Dairy Markets, Particularly Powder, Make Nice Jump
The world dairy market took a big leap upward today on the Global Dairy Trade (GDT) auction in New Zealand, with prices up most notably in powder markets. In the aggregate, prices were up 3.7% and volume remained heavy, with 38,681 metric tons of product being sold.
Skim milk powder jumped (SMP) 6.7% to $1.33/lb while whole milk powder was up 3.6% to $1.48/lb. Butter also was up slightly (0.2%) to $1.87/lb. Cheddar cheese fell 0.6% to $1.64.
With the run-up of U.S. dairy prices in October, U.S. domestic prices are still well above all these commodities with the exception of SMP, which is currently trading at $1.19.
You can read all the details here.