The Global Dairy Trade (GDT) Index has seen its first decrease since November 7, following the latest trading event today (Tuesday, March 5).
Following a ‘no-change’ result on November 21, the index – which is updated every two weeks after each auction – had seen six consecutive increases before today, the highest of which was a 4.2% increase on February 6.
After today’s event, the GDT index has decreased by 2.3%, with the index figure now at 1,086. This figure is notably higher than August 2023, when the index fell to 850, its lowest figure since November 2018.
However, it’s even further off the heady heights the index reached in March 2022, when it hit 1,593, the highest figure in at least the last 10 years.
At today’s trading event, which lasted two hours and eight minutes, 21,235MT of product was sold, at an average price of $3,630/MT.
172 bidders participated in the event across 14 bidding rounds, with 125 winning bidders emerging.
Looking at the individual product sub-indices, the most notable result was a decrease of 5.2% for skim milk powder (SMP), for an average price of €2,640/MT.
Decreases were also noted for whole milk powder (WMP), which fell by 2.8% for an average price of $3,286/MT; butter, which saw a decrease of 1% for a price of $6,461/MT; and mozzarella, which decreased slightly by 0.4% to $3,945/MT.
These decreases were partially offset by increases in other products, with lactose seeing the largest increase, climbing 4.8% to $818/MT.
Cheddar also saw a boost, increasing by 4% to an average price of $4,277/MT.
Butter milk powder (BMP) wasn’t far behind, increasing by 3.7% to $2,504/MT, while anhydrous milk fat (AMF) increased by 1.4% to an average price of $6,637/MT.
In Ireland, milk prices have been moving on an upward trajectory in the last couple of months.
The Milk Price Tracker – brought to you by Agriland and the Irish Creamery Milk Suppliers’ Association (ICMSA) – details milk prices from the most significant Irish dairy co-ops each month.
The Milk Price Tracker is set for a revamped look in 2024.
Agriland and the ICMSA are continuing to add to the monthly Milk Price Tracker to ensure that readers are obtaining the relevant information easily.