Global Dairy Prices Continue to Inch Higher
For the 9th consecutive twice monthly trading session, dairy prices inched higher on New Zealand’s Global Dairy Trade (GDT) auction today.
Prices were up just 0.8% in the aggregate, and volume was light with 17,854 metric tons of dairy products changing hands. Nevertheless, butter posted a strong gain, up 5.8% to 2.44/lb. Cheddar cheese was up 3.2% to $1.93/lb, and skim milk powder (SMP) was up 1.8% to $1.12/lb. Whole milk powder on the GDT declined 1.3% to $1.49/lb.
U.S. prices for butter, cheddar and SMP are still well below world prices, making them attractive export buys. U.S. whole milk powder prices are still 7 to 10% above world prices.
For the entire GDT auction results from today, click here.