World Dairy Prices Drop 5.1%
World dairy prices took a major dip today, though cheese prices actually strengthened on the Global Dairy Trade auction in New Zealand this morning.
The overall composite prices declined 5.1% on fairly robust trading, with nearly 36,000 metric tons of product changing hands.
Cheddar cheese rose 1.7% to $1.76/lb. That’s roughly on par with U.S. block prices. But all other major dairy commodities fell, with whole milk powder dropping 6.7% to $1.41/lb, skim milk powder down 6.3% to $1.30/lb and butter off 2.4% to $1.76/lb.
You can read all the results here.