The global dairy trade (GDT) experienced its fifth consecutive drop this week, down 0.3% as average prices reached $2,885/t (€2490/t).
While the price for butter and anhydrous milk fat was up, cheddar and whole milk powder prices dropped slightly.
Some 183 bidders took part in the auction and a total of 41,945t was sold.
Announcing the Glanbia milk price at the start of this week, Glanbia chair Martin Keane said:
“However, this surge in milk supply has coincided with a very strong start to the New Zealand milk production season, with a cumulative 15% drop in the GDT price index since June resulting in reduced forecast milk prices.”
“It should also be noted that there has been a rapid decline in European butter markets, with Dutch Dairy Board reported prices down from €6,100 per tonne in June to €4,700 per tonne this week.”
Prices for the GDT were as follows: