Global Dairy Markets Soften, But Don’t Melt
The composite price of the eight commodities traded on the Global Dairy Trade auction today softened 0.5%, but five of the major products actually gained ground. Volume today was 22,321 metric tons, similar to the volumes of recent auctions.
Cheese was up 1.9% to $1.74/lb and butter was up 0.5% to $1.95/lb. Skim milk powder was unchanged at $1.19. Whole milk powder dipped 0.8% to $1.62, lactose dropped 1.6% and anhydrous milk fat dropped 2.3%.
World cheese prices are now higher than barrel prices in the United States, with barrels trading at $1.69/lb yesterday on the Chicago Mercantile Exchange. U.S. skim milk prices are extremely competitive, trading here domestically at $1.02/lb. U.S. butter prices are still running about 15% higher than global prices.
Get all GDT results here.