The Global Dairy Trade (GDT) index has slid back by 4.3% after the latest auction event today (Tuesday, August 1).
The index figure fell back by 41 points to 918 today, the lowest index figure since September 1, 2020, when the index stood at 913.
36,613MT of product was sold today, at an average price of $3,100/MT.
124 winning bidders emerged from 157 participating, across 20 bidding rounds. The event lasted for two hours and 26 minutes.
Looking at the sub-indices for the various products, all products that were offered recorded decreases, with the exception of butter milk powder (BMP), which saw a significant increase of 9.9%, reflecting a price today of $2,207/MT.
In terms of decreases in sub-index, whole milk powder (WMP) saw the sharpest decline, dropping by 8% for a price of $2,864/MT.
Other products saw more marginal decreases.
Cheddar and skim milk powder (SMP) both fell by 1.4%, reflecting prices of $3,910/MT and $2,454/MT respectively.
Butter saw a decrease of 0.7% for a price of $4,680/MT, while anhydrous milk fat (AMF) fell back by 0.5% for a price of $4,705/MT.
Lactose was not offered at today’s trading event.
EU dairy trends
In the EU, prices for raw milk dropped by 2.5% to €44.86/100kg in June compared to May this year, according to latest data by the European Commission.
Figures show that EU prices for raw milk have been gradually declining this year from €55.74/100kg in January. In 2022, EU prices increased every month.
Ireland had the fifth lowest raw milk price in the EU at €39.78/100kg in June. Latvia and Lithuania saw the lowest prices at €33.97/100kg and €34.57/100kg respectively.
Latest figures for the week ending on Sunday, July 23, show that EU prices for butter, SMP, WMP, and cheddar fell compared to the previous four weeks.
EU prices for cheddar declined only slightly by 0.2% to €358/100kg the week before last when compared to the average of the previous four weeks, according to figures by the commission.