World Dairy Prices Up For First Time Since May
The composite index of world dairy prices climbed 2.2% on New Zealand’s Global Dairy Trade (GDT) auction today. This is the first time the index has been in positive territory since May 15th. Volume totaled 36,450 metric tons.
It was mostly good news. Butter was up 2.7% to $1.56/lb. Skim milk powder was up 0.3% to 89¢/lb and whole milk powder was up 2.5% to $1.21/lb. Unfortunately, all of these prices are below U.S. prices, making our products less attractive to importers.
Cheddar cheese declined 2.2% to $1.44/lb on the GDT, which is still higher than U.S. prices. With blocks of cheddar trading at $1.36/lb and barrels at $1.28 on the Chicago Mercantile Exchange, U.S. cheese prices are still attractive to overseas buyers.
Read the full GDT report here.