The Global Dairy Trade (GDT) price index jumped by 5.5% as a result of the latest trading event which was held earlier today (Tuesday, August 20).
This is the third consecutive increase for the index, which now stands at 1,146, following very slight rises after the July 16 and August 6 auctions.
The index suffered a sharp drop of almost 7% following the auction on July 2.
Trading event 362 held today resulted in an average winning price of $3,920 per metric tonne (MT), which was up by 6.5% compared to the average winning price August 6 auction.
181 bidders participated in the auction across 18 bidding rounds lasting almost three hours.
According to data from GDT, the total quantity sold to the 112 winning bidders stood at 34,916MT after the auction concluded.
The volume of product sold was down by 3% compared to the previous trading event.
GDT
Anhydrous milk fat, butter, cheddar, lactose, mozzarella, skim milk powder (SMP), and whole milk powder (WMP) were all offered at the auction, with the majority of products recording an increase in average price.
There was a 7.2% increase in average price for WMP to $3,482/MT, mozzarella was up by 5% to $4,810/MT and anhydrous milk fat increased by a similar percentage to $7,244/MT.
The average price for butter was up by 3.7% to $6,706/MT, SMP rose by 4% to $2,636/MT and there was a 2.7% increase in the average price of lactose to $945/MT.
Cheddar was the only product to record a drop in average price at today’s auction, albeit a very slight decrease (-0.2%) to $4,274/MT.