The Global Dairy Trade (GDT) price index has fallen by 1.3% following its latest trading event which took place today (Tuesday, June 21).
In the wake of the previous auction of dairy commodities held on June 7, the index climbed by 1.5%.
That had been the first increase in the GDT index following five consecutive drops since March 1, when it reached a record high of 1,593.
Following today’s auction, trading event 310, the index now stands at 1,342.
The average price achieved at today’s trading event was $4,600 with 20,760MT of product sold.
The minimum supply was 19,575MT and the maximum supply 22,665MT.
There were 149 bidders, 103 of whom were successful, who took part in 14 bidding rounds. The event lasted for one hour and 55 minutes.
It was a particularly poor auction for cheddar, which recorded a 9% drop to $4,875/MT. During the previous trading event on June 7, cheddar dropped by 3.6% to $5,365/MT.
Anhydrous milk fat fell by 4.7% to $5,913, while whole milk powder (WMP) dropped by 0.6% to $4,125.
However, there was a 2.4% increase for butter to $6,213. The commodity saw the largest increase on June 7, when it rose 5.6% to $6,068.
Skim milk powder (SMP) increased by 1% to $4,276.
Butter milk powder (BMP) was not offered for sale, while no information was available for sweet whey powder or lactose.