Skim and whole milk powders rose to their highest value in two years at Tuesday’s New Zealand GDT auction, the first of two such events scheduled for November.
Skim milk powder (SMP) rose by 4% to US $2,850/t which is its highest value since December 2022, reversing a series of price cuts recorded in September and October.
Whole milk powder (WMP) jumped 4.4% to $3,713/t, putting the commodity at its highest value since September 2022 and approximately $800/t above the equivalent prices last November.
After several price falls this autumn, butter price rebounded by 8.3% to its highest level since June, while cheddar price increased by 4% and is currently at its highest value since February 2023.
Overall, the GDT index price rose by 4.8% to 1,216, which is similar to early autumn 2022, although back then markets were in decline.
DDB
Meanwhile, European commodity markets also received a welcome boost at Wednesday’s Dutch Dairy Board auction.
Butter price increased for the third week in succession, rising €130 to €7,650/t and is up €2,230/t on the same period last year. SMP rose €70 to €2,550/t while WMP was unchanged at €4,190/t.
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