The Global Dairy Trade (GDT) price index has seen an increase of 1.8% in the latest trading event today (Tuesday, May 7).
The index figure now stands at 1,106. This is the highest figure since February 20, when the index stood at 1,112.
The index was also at 1,106 on February 6 and prior to that had not been as high since October of 2022.
The increase today is the third in a row. Since December 5, the index (which is generally updated fortnightly) has only recorded two decreases.
At today’s auction, 19,231MT of product was sold at an average price of $3,708/MT.
172 bidders participated in the two hour and thirty-four minute event, with 109 winning bidders emerging over 17 bidding rounds.
Looking at the individual sub-indices, cheddar was the stand-out performer of the day, increasing by 8% for an average price of $4,257/MT.
Whole milk powder (WMP) saw an increase of 2.4% for an average price of $3,350/MT, and Mozzarella recorded an increase of 2.3% for an average price of $3,840/MT.
Butter also saw an increase in excess of 2%, recording a rise in sub-index of 2.1%, reflecting an average price of $6,593/MT.
Butter milk powder (BMP) increased by 1.7% for an average price of $2,545/MT while anhydrous milk fat (AMF) increased by 1.2% for an average price $7,124/MT.
The only increase that was less than 1% was for skim milk powder (SMP) which rose by 0.4%, reflecting an average price of $2,551/MT.
The only product to see a decrease at today’s trading event was lactose, which fell by 1.3%, reflecting an average price $739/MT.
Dairy: Domestic milk intake
In other dairy news, figures from the Central Statistics Office (CSO) show that domestic milk intake by milk processors and co-ops was estimated to be around 753.8 million litres in March.
This represents a year-on-year fall of 47.6 million litres when compared with corresponding figures for March 2023, or a decline of 54.8 million litres when compared with the same month in 2022.
Giselle Myles, statistician in the agriculture section of the CSO, said: “The figures show a decrease in domestic milk Intake by milk processors and co-ops of 5.9% in March 2024 when compared with the same month in 2023″.
Latest analysis by the CSO also highlights that, in the first quarter of 2024, domestic milk intake was estimated to be around 1.25 billion litres.
This indicates a decline of 108.7 million litres – 8% – when compared with the same period in 2023.