Global Dairy Markets Rebound (Slightly)
Prices on the today’s Global Dairy Trade (GDT) auction in New Zealand climbed two percent, the first time markets have been up in the aggregate since mid-July, and only the second time since May.
Trading volume was also heavy in today’s session, with 37,345 metric tons changing hands. This is about 50% more tonnage than typically trades on the GDT.
Of the major commodities, skim milk powder jumped the most, up 3.4%. It’s now trading at $1.18/lb, making U.S. skim milk powder highly competitive.
Butter climbed 2.7% to $1.87/lb, which is still about 35₵ below U.S. prices. Cheddar was up just 0.4% to $1.75/lb, about 50₵ below U.S. block cheese prices. Whole milk powder closed at $1.42, up 1.9%. U.S. whole milk powder prices are trading in the $1.65 to $1.80 range.
For all of today’s trading activity, click here.