Global Dairy Prices Soften Just A Tad
Prices on the Global Dairy Trade auction in New Zealand softened just a bit today, down 0.4%. Butter was down 1.3% and whole milk powder (WMP) was off 0.6%. But Cheddar cheese was up 1.4%, and skim milk powder (SMP) held its own, up 0.3%.
Butter prices on the GDT came in at 2.60/lb, cheddar at 1.82/lb, SMP at 98¢/lb and WMP at $1.57/lb. This compares to U.S. prices on the Chicago Mercantile Exchange of $2.67 for butter, $1.66 for cheddar and 85¢ for SMP. In other words, U.S. prices remain competitive for cheese and SMP.
Volume on today’s auction was also fairly heavy, with 32,260 tons of dairy products changing hands.
See all the results here.