The Global Dairy Trade (GDT) price index has suffered its fifth consecutive fall following its latest trading event, which took place earlier today (Tuesday, August 16).
As a result of event 314, the index dropped by a further 2.9% to 1,129.
Last March, the dairy commodity index peaked at 1,593. However, since then it has been on an overall downward trajectory to return to levels last seen around a year ago.
The index dropped by 5% following the previous auction on August 2, and by a similar amount after the trading event on July 19.
Today’s auction saw 30,326MT of product sold with the average price achieved standing at $3,768/MT.
162 bidders took part, in the auction which lasted for 11 rounds, over one hour and 42 minutes; 121 bidders were successful.
The minimum supply was 27,820MT and the maximum supply was 31,545MT.
Butter milk powder (BMP), sweet whey powder (SWP) and lactose were not offered for sale today.
It was a mixed picture for the commodities which were traded.
The average price of anhydrous milk fat (AMF) was down by 9.8% to $4,990/MT.
There was a 3.5% decline in the average price of whole milk powder (WMP) to $3,417. WMP fell by 6.1% on August 2, and by 5.1% on July 19.
After a slight drop last time out, cheddar rebounded with a 4.2% increase in average price to $5,005.
Skim milk powder (SMP) was up marginally to $3,524, as was butter which finished up with an average price of $5,204.