GDT holds steady in latest auction
The Global Dairy Trade (GDT) index has remained unchanged following its most recent auction – Event 217 – which concluded earlier today (Tuesday, August 7).
This brings to an end a negative run of four consecutive drops to the index over the past two months.
Event 217 lasted for a minute short of two hours, with 191 participating bidders competing over 13 rounds.
There were 126 winning bidders on the day, with 35,076MT of product sold in total.
- AMF index up 1.2%, average price US$5,709/MT;
- Butter index down 3.2%, average price US$4,802/MT;
- BMP index down 5.9%, average price US$2,441/MT;
- Ched index up 1.3%, average price US$3,663/MT;
- LAC index not available, average price not available;
- RenCas index up 8.0%, average price US$4,971/MT;
- SMP index down 0.3%, average price US$1,972/MT;
- SWP index not available, average price not available;
- WMP index up 0.1%, average price US$2,958/MT.
Rennet Casein was one of the big movers on the day in terms of product price indexes, experiencing an 8.0% increase; Butter Milk Powder (BMP) on the other hand took a 5.9% hit to its result.
Both Lactose and Sweet Whey Powder (SWP) were unavailable on the day.
‘PPI should be minimum price for July’
Meanwhile, the Ornua Purchase Price Index (PPI) should be the minimum milk price set for July supplies, the Irish Creamery Milk Suppliers’ Association (ICMSA) has said.
The payment of the maximum possible milk price for July is absolutely essential, given the pressures on dairy farmers and the expected substantial reduction in farm incomes in 2018, the chairperson of the ICMSA’s Dairy Committee, Gerald Quain, said.
“With most co-ops behind the June Ornua PPI – which was 32.8c/L – dairy farmers need the July milk price to be at a minimum of this level,” Quain said.