Global Dairy Trade Auction Slips 0.6%
Today’s Global Dairy Trade (GDT) auction saw the weighted average for all products slip just 0.6%, following the 8.4% drop in the August 5 event, and 8.9% in the session before that. The price index has pretty much seen declines since reaching its high on February 4.
The downfall today was led by a 12% plunge in skim milk powder, which was down 6.5% in the last event. Cheddar cheese was next, down 7.9%, following a 10.2% decline last time. Buttermilk powder was next, down 2.5%, following a 10.1% loss last time. Rennet casein was off 0.8%, after a 0.7% drop last time.
On the positive side; butter was up 4.9%, after dropping 9.6% last time. Anhydrous milkfat was up 3.6%, after jumping 6% last time and plunging 10% the time before that. Whole milk powder was up 3.4%, after plunging 11.5% last time and 10.9% the session before that.
FC Stone reports the average GDT butter price equated to about $1.3334/lb. U.S., up from $1.2703/lb. in the August 5 event ($1.3009/lb. on 80% butterfat, up from $1.2393/lb.). Contrast that to CME butter which closed yesterday at $2.6350/lb. The GDT Cheddar cheese average was $1.5664/lb. U.S., down from $1.6973/lb. The U.S. block Cheddar CME price yesterday was at $2.1850/lb. GDT skim milk powder, at $1.3034/lb. U.S., is down from $1.4804/lb., and the whole milk powder average at $1.2720/lb. U.S., is up from $1.2360/lb. in the last event. The CME Grade A nonfat dry milk price yesterday stood at a two year low of $1.3750/lb.
Source: GDT & INTL FCStone