Butter prices took the biggest hit on the European spot market this week as the market reacts to a change in sentiment writes Aidan Brennan.
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This is the second successive increase and the fifth in just two months since there was a sizeable drop of 6.9% on 2 July this year. Since then, the market has rebounded by 8%.
The premium prices being paid for dairy in Europe is highlighted this week, as butter is over €2,100/t cheaper at the GDT auction, writes Aidan Brennan.
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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 at the Global Dairy Trade auction.
There was a return to stability in the butter market this week, while prices for most other commodity types increased, writes Aidan Brennan.
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It was another upbeat week on the European dairy market, with prices for all key products rising, writes Aidan Brennan.
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This is the first fall in the GDT index since there was a sizeable drop of 6.9% on 2 July this year. Since then, the market has rebounded by 6.4% over three auctions.
Butter has broken the 2022 record in Europe and all other dairy commodities are flying, writes Aidan Brennan.
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The Global Dairy Trade auction increased by 5.5% this week and European dairy prices continue to strengthen, writes Aidan Brennan.