Global Dairy Prices up 2.1%
World dairy prices jumped 2.1% today on New Zealand’s GlobalDairyTrade (GDT) auction, just the second time this year prices moved up. The average price of dairy products sold was $2,188 per metric ton.
Cheddar cheese jumped 10.5% to $1.26/lb, skim milk powder was up 0.1% to 78¢/lb and whole milk powder climbed 1.3% to 91¢/lb. Butter prices slipped 2% to $1.23/lb. In contrast, barrel cheddar cheese on the Chicago Mercantile Exchange was trading at $1.45/lb, skim milk powder at 72¢/lb. and butter at $1.96/lb.
In other words, the U.S. is very competitive on skim milk powder prices but still way above world prices for butter and cheese.
Volume on the GDT was 22,682 metric tons, the largest volume sold since Groundhog Day, Feb. 2.