Global Dairy Prices Mixed
While the composite price from the Global Dairy Trade (GDT) auction today in New Zealand showed a 1.1% decline, both cheddar cheese and skim milk powder gained strength. Trading was again light, with just 19,508 metric tons changing hands.
Cheddar cheese gained 3.1% to $1.83/lb and skim milk powder (SMP) jumped 3.6% to 91¢/lb. Butter was unchanged at $2.56/lb. Whole milk powder declined 1.5% to $1.47/lb. The biggest loser was rennet casein, dropping 10.5%.
U.S. prices for butter, cheddar and SMP all remain competitive with world prices. U.S. whole milk powder prices were trading in the $1.44 to $1.55/lb range last week.
You can see all GDT results here.