Global Dairy Trade Auction Unfazed by USMCA Agreement
If dairy traders were excited about the new USMCA trade agreement announced Sunday, they didn’t show it at the Global Dairy Trade Auction in New Zealand today.
Trading was very heavy, though, with nearly 42,000 metric tons changing hands. But the overall composite price declined 1.9%. Butter was down 5.9% to $1.82/lb. Cheese was down 1.2% to $1.57/lb. Skim milk powder, perhaps the closest commodity to that traded in Canada’s Class 7, was off just 0.3% to 90¢/lb. Whole milk powder was down 1.2% to $1.25/lb.
U.S. prices are still competitive for cheddar at $1.37/lb for barrels and for SMP at 88¢/lb. But U.S. butter is trading about 50¢/lb higher and whole milk powder is about 25¢/lb higher.
You can read all of Tuesday’s Global Dairy Trade auction news here.