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Dairy product prices fall for third straight GDT auction

Dairy product prices fell for the third straight time at the latest Global Dairy Trade auction as whole milk powder extended its decline and skim milk powder recovered.

The GDT price index fell 3.5 per cent from the previous auction two weeks ago to US$3,105, the lowest since April. Some 35,072 tonnes of product was sold, down from 35,669 tonnes at the previous auction.

Whole milk powder fell 5.5 per cent to US$2,852 a tonne.

Butter fell 3.6 per cent to US$5,516 a tonne, matching the direction of November butter futures which had declined yesterday.

Butter demand has soared this year, stoked by a surge in the popularity of natural products in first world markets like the US and Europe. The GDT Butter Price Index hit a record high on September 19.

Rennet casein dropped 4 per cent to $5,465 a tonne while skim milk powder rose 1.2 per cent to US$1,818 a tonne. Cheddar fell 2.8 per cent to US$4,001 a tonne and anhydrous milk fat rose 0.5 per cent to US$6,894 a tonne.

Butter milk powder rose 7.2 per cent to US$1,931 a tonne and no prices were available for lactose.

More at NZ Herald.

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