World Dairy Prices Drop 3.4%
For the second trading session in a row, dairy prices on the Global Dairy Trade auction dropped this week—this time declining 3.4% in the aggregate. Cheddar cheese and butter really took it on the chin, with cheese dropping 14% and butter falling 10.3%.
Volume on the twice monthly auction was also low, with just 19,874 metric tons of product changing hands.
Cheese prices fell to $1.79/lb and butter dropped to $2.18. Skim milk powder (SMP) fell 4% to $1.11 and whole milk powder dipped 1.5% to $1.42.
U.S. cheese and skim milk powder prices remain competitive on global markets, with cash cheese on the Chicago Mercantile Exchange trading at about $1.50/lb. U.S. SMP prices are also competitive at $1.05/lb.
For all of today’s the Global Dairy Trade results, click here.