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The GDT price index had its first negative result since March on Tuesday as it decreased by 0.8% to an average selling price of $3,434.
The price index for whole milk power (WMP) decreased by 3.3% with an average WMP price of $3,022. Prices for skim milk power (SMP) were up by 1.4%, with an average weighted price at $2,218.
Butter continued to trade strongly with the index up by 2.9% on Tuesday and the average butter price finishing at $5,768. The anhydrous milk fat index rose by 4.4% to an average price of $6,885.
The price index for cheddar dropped by 3.8% to an average price of $4,121, while lactose decreased by 11.1% to $869 and rennet casein fell by 8.0% to $6,104.
Overall, there were 21,171mt of product sold over 21 bidding rounds at the latest auction. This represents an 3.8% decrease compared with 22,004mt sold at the last GDT event two weeks ago.
Confident
The IFA has said that, despite the marginal dip at the latest auction, processors should be confident that current global dairy markets justify a lift in milk prices for June milk.
''The prices reached at today’s GDT for SMP and butter are equivalent to an Irish milk price, after processing costs of 5c/l, of 35c/l, plus VAT," said IFA dairy chair Sean O’Leary.
Futures markets
Although average WMP prices also dropped by 3% at the last GDT auction, futures markets held steady since then and recently posted a slight increase.
Meanwhile, NI’s largest milk processor Dale Farm was quick out of the blocks for announcing its June milk price when it confirmed on Tuesday morning that it was increasing its base price by 1p/l.
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