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Butter price reverse in both Europe and at GDT auction, but cheddar and WMP prices increase.
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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.
Butter has broken the 2022 record in Europe and all other dairy commodities are flying, writes Aidan Brennan.
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It was another very positive week on dairy markets, with price increases on the GDT auction and in Europe, writes Aidan Brennan.
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The GDT index is recovering after dropping by 6.9% on 2 July this year. It has marginally increased at the two subsequent auctions before the large jump this week.
This comes following a 6.9% drop in the Global Dairy Trade index at the trading event a fortnight ago.
Lakeland Dairies has announced an increase to its base price for milk supplied during June
The effect of the big reduction in the last GDT auction seems to be confined to that auction, writes Aidan Brennan.
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The Global Dairy Trade auction fell by a whopping 6.9% in a shock to the market, as all key commodities dropped in price.
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Ornua is predicting that global milk supplies will remain flat for 2024.
