Global Dairy Trade Results Mixed
The dairy prices on the Global Dairy Trade auction today from New Zealand offered a mixed review, with butter up, cheese down, and powder mostly steady. The composite price for eight commodities traded was up 1.3%. Lactose shot up the most, 12.4%, to $910 per metric ton.
Butter jumped 4.9% to $2.08/lb, approaching U.S. domestic prices at $2.16 today on the Chicago Mercantile Exchange. Cheddar cheese dropped 3.7% to $1.72, but that’s right in line with CME barrel prices of $1.70. Skim milk powder was essentially unchanged, at $1.18/lb, and still trading almost 20% higher than U.S. prices for SMP. Whole milk powder was up 1% to $1.50/lb.
Volume on today’s auction was fairly light, with just 21,273 metric tons exchanging hands. Read the full report there.