The Global Dairy Trade (GDT) price index has increased by 2.7% at the latest trading event today (Tuesday, September 5).
The index figure now stands at 873 compared to 850 at the previous trading event on August 15, which saw a significant fall of 7.4%.
Today’s 339th trading event saw a total quantity of 37,729MT being sold at an average price of $2,888/MT.
GDT
The biggest price increase was recorded for whole milk powder (WMP), which was up by 5.3% to an average price paid of $2,702/MT.
The average price paid for anhydrous milk fat and butter was also up compared to the previous event by 2.7% to $4,561/MT and 1.1% to $4,588/MT respectively.
Of the products offered at the latest event, declines were recorded in the price indices for butter milk powder, skim milk powder (SMP), and cheddar.
While the price index for cheddar and SMP only fell slightly by 0.6% to $4,102/MT and 1.6% to $2,286/MT respectively, butter milk powder is down by 6.5% to $2,215/MT.
Across a duration of two hours and 58 minutes and 21 bidding rounds, the event saw a total of 137 winning bidders of 177 bidders participating.
Meanwhile, the GDT has announced that Fonterra plans to widen its product range on GDT Pulse for the remainder of the pilot period.
Starting in October 2023, Fonterra will introduce both instant WMP and SMP, in addition to the WMP regular contract period 2 which is currently being offered.