The Global Dairy Trade (GDT) index has seen a recovery in the latest trading event, which was held today (Tuesday, November 15).

The index has increased by 2.4% for an average price of $3,623/MT, with a total of 28,980MT of product sold today.

The index now stands at 1,095, an increase compared to the 1,069 figure last time out on November 1, but still someway off the high of 1,593 on March 1, this year.

111 winning bidder emerged from 161 total participating bidders today, across 14 bidding rounds and two hours and three minutes.

Six products were offered at the trading event today, with three recording increases in their respective sub-indices and three seeing decreases.

Skim milk powder (SMP) and whole milk powder (WMP) both saw increases of 3.1%, for average prices of $3,057/MT and $3,397/MT respectively.

Anhydrous milk fat (AMF) saw an increase of 2.7% to $5,711/MT.

Among the products which saw their sub-indices go in the opposite direction, lactose saw the largest decrease, falling by 4.6% to $1,236/MT.

Cheddar fell back by 1.3% to $4,746/MT, while butter saw a slight decrease of 0.8% to $4,829/MT.

Butter Milk Powder (BMP) and, as usual, sweet whey powder (SWP), were not offered today.

The GDT index has been rather unsteady in recent months, seeing several short runs of both increases and decreases.

Milk prices paid to Irish farmers, meanwhile, have been holding steady in recent months after a prolonged period of increasing prices in the second half of last year and the early part of this year.

On Friday (November 11), the board of Lakeland Dairies confirmed that it is continuing to hold its current milk price level.

It is the first processor to announce a price for milk supplied in October.

In the Republic of Ireland, the processor has maintained the price of 58.85c/L, inclusive of VAT, for milk at 3.6% fat and 3.3% protein.

Lakeland said that this includes the supplementary input support payment of 1.5c/L, inclusive of VAT, for all suppliers, including those with fixed milk-price contracts.

The processor also confirmed that all suppliers in the Republic of Ireland on fixed milk price contracts will receive an 8c/L supplementary payment, plus the additional 1.5c/L input support payment.

In Northern Ireland, Lakeland Dairies has maintained the price of 47.5p/L, which includes an input support payment of 1.5p/L.

All suppliers with fixed milk-price contracts will receive a 7p/L supplementary payment, in addition to the support payment.