World Dairy Prices Mixed on Today’s GDT Auction
While the composite price of the eight dairy commodities traded on the Global Dairy Trade (GDT) auction today was up 1.7%, the truth is that the market is mixed.
Butter was up 4.9% to $2.23/lb and whole milk powder gained 2.9% to $1.30. But Cheddar cheese slipped back a percentage point to $1.55/lb, and skim milk powder dropped 10.1%, to 88¢/lb. Total quantity was also just 22,498 metric tons.
Though not directly comparable because of product make-up, butter on the Chicago Mercantile Exchange is trading at $2.13/lb and cheddar barrels are at $1.36. Skim milk powder on the CME is 81¢lb. That means U.S. dairy commodities are all pretty much in a favorable, competitive position for export sales.
Read all the results from today’s GDT auction here.