Global Dairy Markets Up Again—But Just Barely
For the 11 consecutive twice monthly auction, the Global Dairy Trade (GDT) event in New Zealand reached plus territory today.
But the aggregate dairy price was up just 0.4%, and individual commodities were a mix of gains and losses. Volume was also low, with just 15,375 metric tons of dairy products changing hands.
On the positive side of the ledger, skim milk powder (SMP) was up 2.8% to $1.14/lb. Butter was unchanged at $2.49/lb.
Cheddar cheese lost 2.4%, dropping to $1.91/lb and whole milk powder lost 0.5%, declining to $1.47/lb.
U.S. prices for butter, cheddar and skim milk powder all remain competitive with world prices. U.S. whole milk powder prices are trending 10 to 15¢/lb higher than world prices.
You can view all of today’s GDT trading results here.