The Global Dairy Trade (GDT) price index has increased by 4.6% to 913 at the latest event taking place today (Tuesday, September 19).
A total quantity of 37,366MT has been sold at the 340th GDT event, with an average price paid of $2,957/MT.
While most of the products offered at the event saw an increase in their price index, cheddar recorded a 1.7% decline to $4,044/MT.
The price indices for anhydrous milk fat, butter, skim milk powder (SMP), and whole milk powder (WMP) were all up at the latest GDT.
SMP saw the most significant rise by 5.4% to $2,400/MT, followed closely by anhydrous milk fat which was up by 5.3% to 4,787/MT.
The price index of WMP increased by 4.6% to $2,799/MT, while a 3.8% rise to $4,723/MT was recorded for butter.
Butter milk powder was not offered at the latest GDT event today.
Of the 176 participating bidders, 121 were winning bidders across 19 bidding rounds and a duration of two hours and 40 minutes.
Milk price
Meanwhile, processors have announced their milk price for August supplies. Carbery earlier today confirmed that it will reduce its base milk price for August by 2c/L.
The processor said it is continuing to support the milk price from its stability fund and is allocating 3c/L support for milk supplied last month.
If this decision is replicated across the four west Cork co-ops, this will result in an average price for August of 35.98c/L, inclusive of VAT and 0.5c/L somatic cell count (SCC) bonus.