The Global Dairy Trade (GDT) index is after taking a tumble of more than 5% to record back-to-back drops following its latest auction - and last event of the year - today, Tuesday, December 17.

Today's tender - Event 250 - concluded with the GDT Price Index down 5.1%, according to the trading platform.

Lasting two hours and 26 minutes, the event saw 190 bidders participate across 18 bidding rounds, with 142 winning bidders emerging.

A total of 35,748MT of product was sold on the day.

Key Results:

Milk powders took heavy hits at today's auction, with both skim milk powder (SMP) and whole milk powder (WMP) recording sharp drops of 6.3% and 6.7% respectively.

Butter, meanwhile, saw a drop of 2.4%, with anhydrous milk fat also recording a slight 0.3% reduction in index.

On a more positive note, rennet casein rose by 2.6%, with cheddar and lactose also seeing slight increases of 1.7% and 0.6% respectively.

Butter milk powder (BMP) was not offered on the day, while sweet whey powder (SWP) was once again not available.

As can be seen in the graph above, today's 5% drop is the most dramatic change in index since at least the end of June.