World Dairy Prices Soften on GDT Auction
World dairy prices softened a bit on light trading at the Global Dairy Trade (GDT) auction today in New Zealand.
The composite price of all products trading declined 1.2%, and just 18,635 metric tons of product sold, one of the lighter trading days in the past few years.
Butter held firm, at $2.40/lb. Cheddar cheese declined 3.9% to $1.64/lb, and skim milk powder dropped 8.6% to 86¢/lb. The lone bright spot was whole milk powder, up 0.1% to $1.46/lb.
Other than whole milk powder, U.S. prices are trending below world prices, making them competitive on world markets.
Read complete GDT results here.