World Dairy Markets Up 2.8%
World dairy markets surged 2.8% in the aggregate today on the Global Dairy Trade (GDT) auction in New Zealand. Trading was moderately heavy, with 33 metric tons of product changing hands.
All commodities, with the exception of sweet whey powder which reported no trades, were up.
Of the major commodities, skim milk powder (SMP) jumped the most. It was up 5.4% to $1.37/lb. U.S. skim milk prices remain competitive globally, with U.S. prices for SMP trading at $1.23/lb this week on the Chicago Mercantile Exchange.
Both butter and cheese prices were up 3.7% on the GDT auction this morning. Butter is now trading at $1.83/lb; cheese at $1.82/lb. These prices are still below U.S. prices.
Whole milk prices were up 1.7% to $1.43/lb. U.S. whole milk prices are trading in the $1.75 to $1.80/lb range, reports the United States Department of Agriculture.
You can read all of today’s GDT results here.