Global Prices Continue To Drop
Results of the Global Dairy Trade (GDT) auction showed positive results for butter and Cheddar, but the overall index was off 0.6%. The index has fallen in each of the four trading events since February 6.
Butter prices rose 4.1% to $2.49 per pound, up from $2.40 on the March 20 auction. Cheddar had the next highest increase among major products, improving 2.2% to $1.67, up $1.64 per pound in the last auction. Powder results were mixed, with whole milk powder up 1.6% to $1.49 and skim milk powder off 1.8% to 84 cents per pound.
Global product prices are still higher than CME spot market prices. Yesterday butter closed at $2.22, block cheddar closed at $1.53 and grade A nonfat dry milk finished at 69 cents.