The Global Dairy Trade (GDT) price index has decreased by 0.4% at the latest trading event held today (Tuesday, August 3), which is the first decrease since the beginning of July 2024.
179 bidders participated in the auction across 20 bidding rounds lasting over three hours.
The drop today comes after three consecutive increases, as the index suffered a sharp drop of almost 7% following the auction on July 2, and the latest GDT price index is the first decrease since then.
Trading event 363 held today resulted in an average winning price of $3,833 per metric tonne (MT).
According to data from GDT, the total quantity sold to the 128 winning bidders stood at 38,346MT after the auction concluded.
The GDT price index is calculated from the total quantity sold in a trading event across all products, contract periods and sellers.
GDT
The GDT auction, which is held twice in every month, is closely watched as a good indicator of global demand for core dairy products.
Anhydrous milk fat, butter, butter milk powder, cheddar, lactose, mozzarella, skim milk powder (SMP), and whole milk powder (WMP) were all offered at the auction, with the majority of products recording an increase in average price.
However, butter, lactose, and WMP all saw decreases in the average price.
There was a 0.7% increase in average price for anhydrous milk fat to $7,311/MT, butter milk powder was up by 8.4% to $3,024/MT and cheddar increased by 0.9% to $4,324/MT.
The average price for mozzarella was up by 7% to $5,145/MT, and SMP rose by 4.5% to $2,753/MT.
Recording a drop in average price at today’s auction, were butter by 0.9% to $6,675/MT, WMP by 2.5% to $3,396, and the most significant drop was seen for lactose, which saw a 8.9% reduction to $863.
