There was a lift in dairy prices at Tuesday’s Global Dairy Trade (GDT) auction. Prices were up marginally by 0.8% on the last auction which took place two weeks ago.

Increases in powder and cheese prices were the main drivers of the increase, with cheddar prices up 2.9% to €3,992/t.

Prices for whole milk powder (WMP) and skim milk powder (SMP) were up 1.5% to €3,099/t and 2.2% to €2,525/t.

Butter prices fell by 1.7% at the auction to average €5,884/t.

Milk prices

The lift in prices at the GDT comes as Irish milk processors increase their prices for August supplies of milk.

On Tuesday, the board of Dairygold increased its quoted milk price by 1.19c/l, excluding VAT, for August at 3.3% protein and 3.6% butterfat, to 43.65c/l excluding VAT.

“Dairy market returns continue to be positive, with market prices improving, as buying activity increases and as global supply remains constrained,” a company spokesperson said.

Meanwhile, Carbery lifted its base milk price for August by 3c/l, excluding VAT, bringing the base price for August milk 44.28c/l, excluding VAT.

“This increase in milk price is driven by strengthening markets for cheese and continuing positive dairy market recovery and performance,” Carbery said.