Global Dairy Prices Tick Up
Taking a clue from the stock market, world dairy prices ticked up a bit on the Global Dairy Trade auction in New Zealand this morning. Trading volume, however, was very light with just 20,302 metric tons of product changing hands.
Butter prices surged 4.5% to $1.93/lb. Cheddar cheese was up just 0.2% to $1.99/lb. Skim milk powder (SMP) prices were off 0.8% to $1.14/lb while whole milk powder (WMP) were up 2.1% to $1.28/lb.
Given the pummeling U.S. dairy prices have taken over the past weeks, these world prices (other than WMP) mean U.S. commodities are a bargain globally. U.S. butter prices are down to $1.26/lb; block cheddar is down to $1.13/lb and SMP is down to 86₵/lb. The questions are: Do importing countries have the will, the infrastructure and the cash to take advantage of these bargain-basement U.S. prices?
For complete Global Dairy Trade results, click here.
For more detail on dairy markets in here in the United States, go to USDA’s Dairy Market News.
For details on today’s U.S. dairy industry’s proposal for COVID-19 relief for producers, processors and consumers, click here.