GDT receives spring boost in latest auction
The latest Global Dairy Trade (GDT) auction, event 205, has resulted in a boost of 5.9% in index. Similar to last month’s auction, all products on offer increased in price on the day.
Marking the third straight increase and maintaining early 2018 growth in price, today’s considerable 5.9% rise follows positive results of 2.2% and 4.9% boosts in January’s GDT events.
Lasting two hours and 18 minutes, today’s event took place over 15 rounds with 126 winning bidders out of a total of 188 bidders participating. A total quantity of 22,197 metric tonnes was sold on the day.
- AMF index up 0.5%, average price US$6,581/MT;
- Butter index up 7.9%, average price US$5,277/MT;
- BMP index up 8.4%, average price US$2,039/MT;
- Ched index up 7.2%, average price US$3,739/MT;
- LAC index not available, average price not available;
- RenCas index up 5.0%, average price US$4,943/MT;
- SMP index up 7.2%, average price US$1,932/MT;
- WMP index up 7.6%, average price US$3,226/MT
Similar to last month, lactose (LAC) was not available on the day. However, all other products did well, with buttermilk powder (BMP) in particular doing well with a rise of 8.4%. Buttermilk powder was not offered at the previous event, and took a sharp fall of 7.3% in the first auction of the year.
Butter, meanwhile, continued its upward momentum, rising 7.9%, following on from an 8.8% increase on the last day out.
Co-op merger activity in Munster
A potential merger between the north Kerry based Newtownsandes Co-op and North Cork Creameries has moved a step closer following a members’ meeting last night.
AgriLand understands that negotiations on the potential merger will now proceed to the next stage after a vote on the matter at the meeting, sources have confirmed.
It is understood the Irish Co-Operative Organisation Society (ICOS) is expected to act as a “go-between” on the deal, and will chair talks between the two co-ops.
This development comes in the immediate aftermath of the announcement that the aforementioned North Cork Creameries and the Feale Bridge & Headley Bridge Co-operative from Abbeyfeale, Co. Limerick, are to merge following an agreement approved by the boards and members of both co-operative societies.
It follows “necessary rule changes and approvals” agreed by the members of the co-operatives, on the unanimous recommendation of their respective boards, according to the co-ops.