The downward trend has continued at today’s Global Dairy Trade (GDT) auction, as the price index fell by a total of 3.4%.
This represents the fourth consecutive decrease witnessed at GDT events; a decrease of 3.5% was recorded at the GDT auction on November 7.
Prior to that, decreases of 1% and 2.4% were reported at events on October 17 and October 3 respectively.
Last month’s decrease was the largest fall in price since January of this year, when the first GDT auction of 2017 dropped by 3.9%. The most recent increase at a GDT auction was recorded on September 19 when it rose by 0.9%.
- AMF index unchanged, average price US$6,887/MT;
- Butter index down 5.9%, average price US$5,144/MT;
- BMP not offered;
- Ched index down 4.2%, average price US$3,831/MT;
- LAC index not available, average price not available;
- RenCas index down 12.6%, average price US$4,644/MT;
- SMP index down 6.5%, average price US$1,701/MT;
- WMP index down 2.7%, average price US$2,778/MT.
At today’s auction Rennet Casein suffered the most significant drop, as its price index fell by 12.6%. The butter index also reduced by 5.9%. Butter milk powder (BMP) was not offered at the event and the cheddar index was down 4.2% compared to the auction results from earlier this month.
Both skimmed milk powder (SMP) and whole milk powder (WMP) dropped by 6.5% and 2.7% respectively at the latest auction.
Image source: Global Dairy Trade
Today’s event lasted for just under two hours and there was a total of 139 winning bidders across 14 bidding rounds.
The inaugural GDT Buyers’ Conference was held recently in Singapore. The half-day event was an opportunity for buyers and sellers from all over the world to connect with each other and members of the GDT through a programme of presentations and networking sessions, according to the organisers.
The conference was described as an “invaluable opportunity to build business relationships”.