Global Dairy Trade falls for third consecutive month
Dairy product prices at the latest Global Dairy Trade auction have fallen on the last event.
The results of the auction concluded with the Global Dairy Trade Price Index down 7.9%.
It is the third auction in a row where the result has been down, with the November 3 auction being down 7.4%.
The biggest casualty of the latest auction was whole milk powder (WMP) down 11% while skimmed milk powder (SMP) was down 8.1%.
- AMF index down 5.9%, average price US$3,430/MT.
- Butter index up 5.6%, average price US$2,709/MT.
- BMP index down 1%, average price US$1,825/MT.
- Ched index down 5%, average price US$2,874/MT.
- LAC index down 2%, average price US$503/MT.
- RenCas index down 4.4%, average price US$5,250/MT.
- SMP index down 8.1%, average price US$1,851/MT.
- WMP index down 11%, average price US$2,148/MT.
According to ICOS’s latest analysis, any expected strengthening of dairy markets has been slow to arrive, with quoted prices rising only slightly.
It says the EEX Butter Index for last week was at €3,013, up about €300 on its weak point in August, but still at the level it hovered at for most of the early summer.
The SMP quote, at €1,810 is around €250 above its August low and is also somewhere around its level in early summer.
ICOS says the calculated milk price, on the basis of these quotes would be approximately 23c/L.