Global Dairy Prices Take Another Jump—Up!
Prices on the Global Dairy Trade (GDT) auction today in New Zealand climbed another 7.7%, reaching the highest composite price in 18 months. Volumes were similar to those traded August 16th.
Butter prices jumped the most, 14.9%, to $1.71/lb, its highest level since April of 2015. Skim milk powder jumped 10%, to $1.01/lb, the highest level in a year, and cheddar cheese was up 9% to $1.56, the highest level in more than two years. Whole milk powder was up 3.7%, to $1.27/lb.
Global SMP is now trading well above U.S. levels, which last Friday traded at 87¢/lb. World cheddar prices are approaching U.S. prices, with barrels trading at $1.64/lb last week on the Chicago Mercantile Exchange. World butter prices still have a ways to go, with butter on the CME trading at $2.05/lb.
You can view all GDT prices here.