The Global Dairy Trade (GDT) index has seen its second decrease on the trot, falling by 4.6% in the latest trading event today (Tuesday, October 18).
The index now stands at 1,112, its lowest figure since January of 2021.
The latest index figure reflects an overall price of $3,723/MT. In today’s event, 146 bidders participated, with 111 winning bidders emerging over 17 bidding rounds across two hours and 30 minutes.
29,402MT of product was sold at this event – event 318.
Among the products that were offered, there were decreases in sub-indices across the board, most notably for skim milk powder (SMP), which fell by 6.9% to $3,250/MT.
The whole milk powder (WMP) sub-index fell by 4.4% to $3,421/MT, while the sub-index for cheddar fell back by 3.9% to $4,769/MT.
Anhydrous milk fat (AMF) fell by 2.7% to $5,661/MT, while butter fell by 2.6% to $4,851/MT.
No percentage change was noted for lactose, but the price was given as $1,310/MT. Butter milk powder (BMP) and, as usual, sweet whey powder (SWP) were not offered today.
The mixed results in the GDT in recent months is reflective of the slow-down in farmgate milk price rises, something further evidenced by Irish processors holding their most recent base prices.
This afternoon, Dairygold became the latest processor to hold its milk price for September supplies.
The processor has maintained the base figure of 57.5c/L based on standard constituents of 3.3% protein and 3.6% butterfat, inclusive of bonuses and VAT.
A spokesperson for Dairygold said: “Dairy markets have been stable in recent weeks despite significant inflation which could potentially affect demand. Market returns this year have been at historic highs and this is reflected in the continuous strong milk price being paid.
“The Dairygold board will continue to monitor markets closely and review milk price on a month-by-month basis,” the spokesperson added.
Carbery Group, meanwhile, also confirmed today that it is to maintain the price paid to farmers for milk supplied during September at the same level as August.
If this decision is replicated across the four west Cork co-ops (Bandon, Barryroe, Drinagh and Lisavaird), this will result in an average price for September of 57.2c/L, inclusive of VAT and a 0.5c/L somatic cell count (SCC) bonus.