The Global Dairy Trade (GDT) price index has returned to levels not seen since 2014, recording a 4.1% increase in its latest event.
As a result of the previous auction (January 18, 2022), the index stood at 1,397, which was an increase of 4.6% on the result of 1,336 on January 4.
Today (February 1), the strong growth trend continued with the GDT index breaking the 1,400 mark for the first time since March 4, 2014; it now stands at 1,455.
The GDT price index is calculated from the total quantity sold in an event across all products, contract periods and sellers.
GDT auction
The latest event, number 301, saw an average price of $4,630 USD/MT with 28,463MT being sold across 16 bidding rounds over a period of two hours and eighteen minutes.
The event saw 111 winning bidders out of 162 who participated. Minimum supply was recorded at 27,295MT and maximum supply at 31,963MT.
Butter milk powder (BMP) saw the strongest performance in this auction, increasing by 9.7% to $4,009/MT.
Whole milk powder (WMP) had a 5.8% jump to $4,324/MT and there was a 3.3% increase for butter to $6,359/MT.
The auction result shows that cheddar was up 2.4% to $5,684, while skim milk powder (SMP) rose 2.1% to $4,051/MT.
Meanwhile, anhydrous milk fat recorded a 1.4% increase to $6,800/MT.
Lactose stood at $1,567/MT and sweet whey powder was not offered for sale at the event.
The next GDT auction is penciled in for February 15, next.
Closer to home, the Central Statistics Office (CSO) has confirmed yesterday (January 31) that domestic milk intake by Irish creameries and pasteurisers increased by 5.5% last year.
During 2021, 8,754 million litres were processed, which is an increase of 5.5% when compared to the 2020 figure of 8,295 million litres.