The GDT index dropped a further 2% at this week’s auction in New Zealand as average dairy prices fell to $2,900/t (€2,510/t).
The GDT index dropped a further 2% at this week’s auction in New Zealand as average dairy prices fell to $2,900/t (€2,510/t).
This latest decline in the benchmark dairy index is the fourth consecutive decline in the GDT since late August and the eighth time in 10 events that the GDT has posted a negative result. This brings the GDT to its lowest level since October 2016.
At this week’s dairy auction in New Zealand, there were declines across the board for all the major dairy commodities.
Whole milk powder
Whole milk powder (WMP), which is the most important dairy commodity traded on the auction platform accounting for over 50% of all product sold, led the GDT index lower as prices weakened 1.2% to just under $2,755/t (€2,380/t). This is the fifth consecutive GDT event that the price of WMP has declined.
The price of skimmed milk powder (SMP) declined marginally this week as prices fell 0.3% to $1,980/t (€1,715/t).
Fats
On the fats side, price declines were more pronounced. The price of butter at this week’s GDT plunged 6% to just over $4,000/t (€3,475/t).
Anhydrous milk fat prices dropped more than 4% this week to just over $5,000/t (€4,390/t), while cheddar prices were back more than 1% to just under $3,470/t (€3,000/t).
Just under 42,000t of dairy product were sold at this week’s GDT in New Zealand.
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