The latest Global Dairy Trade (GDT) event concluded on Tuesday 5 December, with the GDT price index jumping 1.6%.
Tuesday’s auction saw the price index for cheddar jump by 9.7%, whole milk powder (WMP) by 2.1%, skim milk powder (SMP) by 1.2%, butter by 0.7% and lactose by 5.3%.
WMP makes up the largest proportion of the 29,559t of dairy products traded, with SMP next.
While the index for anhydrous milk fat (AMF) did not increase at this auction, it didn't decrease either and remained steady.
The latest GDT price index increase is the fourth in a row, renewing confidence that global dairy markets have bottomed out.
Most of the major processors were steady with October milk prices and remained unchanged from September.
Tirlán announced that it would pay a base price of 31c/l excluding VAT for milk supplies delivered in October at 3.6% butterfat and 3.3% protein. This was no change from the previous month.
Kerry Group set a base milk price of 30.47c/l excluding VAT for October supplies.
A 2.85c/l milk contract payment, exclusive of VAT, was also issued to suppliers on all qualifying milk volumes, topping up the price to 33.33c/l, excluding VAT.
Dairygold has set an October price of 31.90c/l, excluding VAT. A company spokesperson commented that “global milk markets have shown continued signs of stabilisation in recent weeks based on a rebalancing of supply and demand".
Lakeland Dairies also remained unchanged with its milk price for October and offered a base milk price at 32.4c/l excluding VAT.