The average Global Dairy Trade (GDT) price index rose by 4.8% following the latest auction today (Tuesday, November 5).
There were a total of 173 bidders in the event and 36,595 MT of product was sold after 23 bidding rounds.
The average selling price was €3,668 per metric ton in the auction, which lasted for three hours, during which there were 112 winning bidders.
The GDT Price Index now stands at 1,216 today – compared to the previous index figure on October, 15 of 1,160.
GDT event
The GDT auction, which is held twice in every month, brings together buyers and sellers of dairy ingredients – including Kerry Dairy Ireland – from 70 countries.
The GDT Price Index uses a weighted-average of the percentage changes in prices.
An analysis of the individual product sub-indices from Event 367 today shows a largely positive performance across most products with the exception of lactose.
Butter delivered the best result with an 8.3% bounce to an average price of €6,415/MT while in contrast lactose fell back by 6.1% to €774/MT.
At the last auction in October cheddar recorded the biggest increase at 4.2% to an average price of €4,308/MT, at today’s event cheddar increased by 4% to €4,564/MT.
Meanwhile anhydrous milk fat also rose by 4.6% to €6,936/MT while whole milk powder also saw an increase of 4.4% to €3,407/MT and skim milk powder moved upwards by 4% to €2,615/MT.
Butter milk powder saw a slightly more modest increase of 2.1% to €2,972/MT and mozzarella delivered a less than upbeat performance, rising by just 0.9% to €4,228/MT.
CSO
Separately new figures published today (Tuesday, November 5) show milk supplied to processors and co-ops bounced by 6 million litres in September 2024 when compared with the same month last year.
According to the Central Statistics Office (CSO) report domestic milk intake was estimated at 769.6 million litres in September 2024.
Stephanie Kelleher, statistician in the agriculture section of the CSO, said: “Today’s figures show that the domestic milk intake in September 2024 by milk processors and co-ops rose by 5.9 million litres, or 0.8%, compared with the same month in 2023.
“The domestic milk intake for the period January to September 2024 was at 6.98 billion litres, a fall of 4.1% compared with the corresponding value between January and September 2023.”