GDT takes slight drop in latest auction
The latest Global Dairy Trade (GDT) auction – Event 219 – has seen a slight drop in index.
The event concluded with the GDT Price Index down 0.7%, marking the sixth drop out of the last seven auctions.
As a result, the index – which was on par with December 2017 levels – has now dropped to its lowest point since October 2016.
Lasting two hours and 43 minutes across 19 bidding rounds, a total of 178 bidders participated in the event, with 126 of these landing winning bids.
A total of 38,811MT of product was sold on the day. The average price achieved was $2,980/MT.
- AMF index up 0.2%, average price US$5,316/MT;
- Butter index down 2.8%, average price US$4,271/MT;
- BMP index up 0.1%, average price US$2,474/MT;
- Ched index up 4.2%, average price US$3,631/MT;
- LAC index down 0.5%, average price US$917/MT;
- RenCas index up 3.7%, average price US$5,326/MT;
- SMP index up 2.2%, average price US$2,005/MT;
- SWP index not available, average price not available;
- WMP index down 2.2%, average price US$2,821/MT.
Following the more noticeable changes seen in the last auction, today’s event was a more stable affair, with the most dramatic move on the day being a 4.2% jump for Cheddar.
Rennet Casein also performed well, witnessing a 3.7% increase at the event. Butter on the other hand saw a drop of 2.8%.
The Sweet Whey Powder index was not available on the day.
31,493t of SMP sold out of intervention
Meanwhile, closer to home, last Friday (August 31) it was revealed that a total of 31,493t of Skimmed Milk Powder (SMP) was sold out of intervention by the European Commission during the month of August, according to official figures.
The product was sold at a minimum price of €1,230/t. In further encouraging news, no stock was bought in over the course of the month.
There was also a rise in the fixed minimum price compared to the July price offered, which was €1,125/t.