Global Dairy Prices Take Step Backward
One step forward, one step back. That seems to be the dance world markets are taking with dairy prices. This week’s Global Dairy Auction took a step backward, with aggregate prices falling 1.3%. Three weeks ago, prices had jumped nearly 2%, and they’ve been doing the two-step back and forth for past two months.
Volume in today’s auction was also moderately light, with just 21,580 metric tons changing hands.
The only good news is that skim milk powder prices pretty much held their own, climbing 0.3% to 93¢/lb. Butter declined 3.5% to $2.53/lb, cheese was down 3.6% to $1.81/lb and whole milk powder was off 1.1% to $1.45.
U.S. prices are still competitive on world markets, with the exception of whole milk powder which has been trading at $1.50 to $1.65/lb.
For today’s trading activity, click here.