This week’s GDT event in New Zealand saw the benchmark dairy index record another marginal decline of 0.4% to an average selling price of $3,300/t. The latest decline in the GDT was driven by a near 5% fall in the average price of skimmed milk powder (SMP) to $2,090/t.This latest setback for SMP prices was likely impacted by the European Commission’s decision last week to sell 100t of SMP out of intervention for a price of €1,850/t, which was below market prices for the dairy powder.