GDT marks 7 consecutive increases in index
The latest Global Dairy Trade (GDT) auction – event 231 – has ended on a high, recording a seventh consecutive rise in price index.
Today’s event (Tuesday, March 5) concluded with the GDT price index up 3.3% overall.
Lasting two hours and six minutes, 176 participating bidders battled across 14 rounds with 109 proving successful.
A total of 23,930MT of product was sold on the day.
- AMF index up 3.9%, average price US$5,837/MT;
- Butter index up 3.7%, average price US$4,657/MT;
- BMP index up 11.0%, average price US$3,480/MT;
- Ched index up 6.0%, average price US$3,888/MT;
- LAC index up 0.6%, average price US$1,009/MT;
- RenCas index down 0.1%, average price US$5,649/MT;
- SMP index down 4.3%, average price US$2,462/MT;
- SWP index not available, average price not available;
- WMP index up 6.0%, average price US$3,186/MT.
Butter saw the most dramatic move on the day, recording an 11% rise in index. Meanwhile, both cheddar and whole milk powder (WMP) documenting a healthy 6% boost.
On the flip side, skimmed milk powder (SMP) dropped 4.3% in index, while rennet casein (RenCas) fell marginally by 0.1%.
Once again sweet whey powder (SWP) was not available at today’s auction.
Merger given green light from authorities
Meanwhile, closer to home, the much anticipated merger between Lakeland Dairies and LacPatrick Dairies has finally been given the green light.
Competition authorities in both the Republic of Ireland and Northern Ireland – the Competition and Consumer Protection Commission and the UK’s Competition and Markets Authority – reached an agreement on the proposal today (Tuesday, March 5).
The CMA cleared the mooted merger in a statement on its website this afternoon.
The regulatory authorities’ clearance was the last significant hurdle for the merger to go ahead, according to the co-ops.