The positive run of results in the Global Dairy Trade (GDT) index over the last three months or so continued in the most recent auction this week.
The latest auction event – event 296 – took place yesterday (Tuesday, November 16) and saw 123 winning bidders across 17 bidding rounds, from 175 participating bidders.
30,397MT of product was sold yesterday, at an average price of $4,287/MT. The event lasted for two hours and 23 minutes.
The index value now strands at 1,335 points, an increase from 1,310 at the previous event on November 2.
The sub-indices increased for all products that were offered. The products not offered at this event were butter milk powder and, as usual, sweet whey powder.
The largest increase in index was for butter, which rose by 3.5% to an average price $5,534/MT.
Cheddar put in the second strongest showing, increasing by 2.2% to an average price of $5,162/MT.
Elsewhere, there were increases for anhydrous milk fat (AMF); lactose; skim milk powder (SMP); and whole milk powder (WMP), which respectively each saw rises of 1.3% ($6,472/MT); 1.6% ($1,299/MT); 1.4% ($3,676/MT); and 1.9% ($3,987/MT).
The below list summarises the results for offered products at this event:
- AMF index up 1.3%, average price $6,472/MT;
- Butter index up 3.5%, average price $5,534/MT;
- Cheddar index up 2.2%, average price $5,162/MT;
- Lactose index up 1.6%, average price $1,299/MT;
- SMP index up 1.4%, average price $3,676/MT;
- WMP index up 1.9%, average price $3,987/MT.
The latest GDT figures come as Irish dairy processors move to increase their milk prices for October supplies.
This evening, Dairygold became the latest processor to announce its price for milk supplied in the month of October, deciding to follow suit with the trend from other processors and increase its price.
The processor has increased its quoted milk price for October milk to 38c/L, inclusive of VAT and bonuses, based on standard constituents of 3.3% protein and 3.6% butterfat.
This is an increase of 1c/L on the price for last month of 37c/L inclusive of VAT and bonuses.
It follows price rise announcements by Kerry Group, Glanbia and Lakeland Dairies.