Global Dairy Markets Show Strength
Global dairy prices rose 2.7% on the Global Dairy Trade auction in New Zealand this morning, with all products trading gaining ground. Lactose was up nearly 15%.
Trade volume, however, was low, with just 19,262 metric tons of product changing hands.
Of the major commodities, cheddar cheese showed the most strength, up 4.6% to $1.75/lb. Skim milk powder (SMP) was up 3.6%, to 87¢/lb, and butter climbed 2.9% to $2.57/lb. Whole milk powder was also up 0.9%, to $1.50/lb.
U.S. prices remain competitive, with barrel cheese trading at $1.46/lb, SMO at 73¢/lb and butter at $2.29/lb. U.S. whole milk powder may or may not be competitive, selling in the range of $1.44 to $1.55/lb, reports USDA.