The Global Dairy Trade (GDT) price index has dropped by 4.1% following its latest trading event which took place earlier today (Tuesday, July 5).
It marks the second consecutive fall in the index; there was a 1.3% drop following the previous auction on June 21.
The index, which hit a record high on March 1 (1,593), now stands at 1,287 as a result of trading event 311.
The average price achieved at today’s trading event was $4,360 with 23,461MT of product sold.
The minimum supply was 22,060MT and the maximum supply 25,815MT.
There were 147 bidders, 111 of whom were successful, who took part in 17 bidding rounds. The event lasted for two hours and 19 minutes.
Following recent notable gains, the average price of butter suffered a sharp drop of 9.1% in this auction to $5,648/MT.
It was also a poor event for butter milk powder (BMP) with the average price falling by 7.6% to $4,064/MT. The commodity had not been offered for sale at the previous auction.
There was a 5.2% drop in the average price of skim milk powder (SMP) to $4,064/MT, while anhydrous milk fat was down by 3.1% to $5,706/MT and whole milk powder (WMP) fell by 3.3% to $3,961.
Following a 9% drop in the June 21 event, cheddar gained 1.4% for an average price of $4,908/MT.
No information was available for sweet whey powder, an average price of $1,493/MT was given for lactose.
