Global Dairy Prices Inch Up 1.6%
The composite price for dairy commodities inched up 1.6% today on New Zealand’s Global Dairy Trade auction, but butter, cheddar cheese and skim milk powder prices actually declined a bit.
Whole milk powder climbed to $2,924 per metric ton, or $1.33/lb. Butter dropped 1.6% to $2.16/lb; cheddar cheese dropped 4.4% to $1.49/lb and skim milk powder dropped 0.8% to 87¢/lb.
Those prices are now on par with U.S. prices, making U.S. commodities competitive on the world stage.
Also of note, this week's GDT auction surpassed $20 billion in cumulative value of products sold at this 185th trading event, say GDT organizers.
Read the full report here.