Global Dairy Markets Soften
In the aggregate, world dairy prices dropped 4.2% on the Global Dairy Trade (GDT) auction in New Zealand today. Trading was light, with just 20,601 metric tons of products changing hands.
But it wasn’t all bad news. Cheddar cheese gained 1.9% to $2.03, double U.S. prices for cheddar blocks. Lactose also jumped 12% to 49₵/lb. In the U.S., lactose prices range from 24 to 45₵.
But butter, skim milk (SMP) and whole milk powder (WMP) prices all declined today on the GDT auction. Butter fell 3.6% to $1.87/lb. SMP dropped 4.9% to $1.08/lb, and WMP dropped 3.9% to $1.23/lb.
U.S. prices for all these commodities, other than WMP, are trading well below world prices at the moment.
For all of today’s GDT results, click here.