World Dairy Markets Climb 1.9%
World dairy prices climbed another 1.9% this week in the aggregate on the Global Dairy Trade (GDT) auction in New Zealand, the eighth consecutive twice-monthly trading session that saw prices increase. Volume on this week's session, however, was light with just 21,713 metric tons trading hands.
The biggest gainer was butter, up 9.3%, to $2.31/lb. Whole milk powder jumped 4% to $1.50/lb, and cheddar cheese rose 3.9% to $1.83/lb. Skim milk powder (SMP) slid back a bit, falling 2.4% to $1.09/lb.
U.S. butter is now on about par with world prices, with cheddar cheese and SMP still trading below world price levels. U.S. whole milk powder continues to trade at a premium to world prices, but the gap is narrowing.
You can read all the results of this week’s GDT session here.