The average Global Dairy Trade (GDT) price index fell by 4.1% following the latest auction today (Tuesday, July 1).

There were a total of 161 bidders in the event which saw 25,705 metric tonnes  (MT) of product sold.

The average selling price was €3,647/MT in the auction, which lasted for nearly three hours, during which there were 110 winning bidders and 22 bidding rounds.

The GDT Price Index now stands at 1,246 - compared to the previous index figure of 1,299 on June 17.

The GDT auction, which is held twice in every month, is a trading platform for core dairy products.

GDT is owned and managed as a strategic partnership between the European Energy Exchange (EEX), Fonterra Cooperative Group, and New Zealand’s Exchange (NZX).

Today's top performers were butter milk powder and lactose, but the most disappointing performance was recorded by whole milk powder, which fell by by 5.1%.

In the graphic (below) the shaded dials indicate the proportion of each product group sold versus total quantity sold during the previous 12 months, with a three month lag.

Figures within the dials represent the percentage change in GDT price index and the weighted average price.

Separately the European Milk Board (EMB) has warned that the dairy sector is "not in good health”.

The EMB, which lobbies for milk producers in Europe, has demanded reforms to “future-proof” agriculture.

At its latest general assembly, member organisations from numerous European countries including Ireland came together to discuss the key challenges faced by the dairy sector.

According to the EMB, it was agreed by all at the assembly that “even if cost-covering farm-gate prices are now paid more often than before, the fundamental issues plaguing the dairy sector persist and they must be addressed now”.

EMB president Kjartan Poulsen said: “Real costs plus a profit margin – that’s what we should be receiving and it’s still not the case.

“The sector is not in good health".