Prices Mixed On Global Dairy Trade Auction
Cheese up, butter down, powder up and down.
Those are the results of the Global Dairy Trade (GDT) auction held today in New Zealand on heavy trading, with nearly 39,000 metric tons of product changing hands.
On the up side, cheddar cheese rose 4.2% to $1.65/lb and skim milk powder was up 2.2% to 91¢/lb. On the down side, butter was off 2.8% to $1.94/lb and whole milk powder was down 2.2% to $1.28.
The bad news is that these prices continue to make U.S. products less than competitive on a price basis on world markets. The lone exception is skim milk powder, but it only has a 2¢/lb advantage, trading at 89¢/lb.
You can see the complete GDT results here.