World Dairy Markets Soften
Most major dairy commodities softened on New Zealand’s Global Dairy Trade (GDT) auction today with volume heavier than normal.
The composite dairy price declined 1.6% on a total trade volume of nearly 33,000 metric tons. Butter declined 4.9% to $2.61/lb, and cheddar cheese was off 4.8% to $1.78/lb. Skim milk powder also declined 3% to 89¢/lb. The sole bright spot was whole milk powder, up 1.3% to $1.43/lb.
On the Chicago Mercantile Exchange this week, U.S. prices were $2.69/lb for butter, $1.54/lb for barrel cheddar cheese and 86¢/lb for skim milk powder.
See complete GDT results here. https://www.globaldairytrade.info/en/product-results/