The Global Dairy Trade (GDT) price index has continued its upward trajectory following the second trading event of 2024.
The index increased by 2.3% to stand at 1,061 as a result of today’s (Tuesday, January 16) auction.
This is the fourth consecutive increase for the index; earlier this month, the index rose by 1.2%.
However, the index is still considerable down from the record 1,593 recorded in March 2022.
GDT
A total quantity of 24,909MT was sold at the 348th trading event at an average price of $3,493/MT.
Anhydrous milk fat, butter, cheddar, lactose, mozzarella, skim milk powder (SMP), and whole milk powder (WMP) were offered at the event.
All products, except for mozzarella, recorded increased in average price at today’s auction.
Butter had the most significant increase in average price, rising 5.8% to $5,906/MT.
Anhydrous milk fat was up by 4.3% to $5,842/MT and WMP increased by 1,7% to $3,353/MT.
The auction resulted in a 1% increase in the average price for cheddar at $4,217/MT, but mozzarella was down 3.3% to $3,830/MT.
There was 1.2% rise in the price of SMP to $2,638/MT, while lactose increased by 1.3% to $760/MT.
167 bidders took part in today’s trading event which lasted for two hours and 13 minutes across 15 rounds, there were 100 winning bidders.
Ornua
Last week it was confirmed that the Ornua Purchase Price Index (PPI) has recorded a drop for the final month of 2023.
The index figure for December 2023 was 125.5, down from 125.8 the previous month.
After accounting for estimated member co-op processing costs of 7.6c/L (excluding any allowance for processor margins) the Ornua product portfolio implies an indicative return of 37.1c/L, VAT inclusive.
This figure is down from the indicative price of 37.2c/L based on November’s index.
In a statement, Ornua said that “the result reflects seasonally quieter market demand through the month of December”.