News dairy business
Mixed signals on first Global Dairy Trade
The first Global Dairy Trade of 2024 produces mixed signals. While butter and whole milk powder prices are increasing, downward price movements are visible for skimmed milk powder and cheddar.
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Yet the upward momentum is greater than the downward pressure, as on balance the average price rises by 1,2% to $3.363 per tonne. It is the third auction in a row where the average price ends higher.
Milk powders
Whole milk powder is the most explosive in early January with an increase of 2,5% to $3.290 per tonne. Skimmed milk powder, on the other hand, is down about 1% to $2.613 per tonne. European product, offered by Belgium's Solarec, traded for almost $2.800 per tonne. New Zealand product is considerably cheaper.
Butter and cheddar
Butter passes $5.500 per ton with a price increase of more than 2%, rising to the highest level in almost a year and a half. Cheddar lost 2,4% to $4.165 per tonne. Although the average price increases slightly, it can be concluded that the overall sentiment at the beginning of 2024 is mixed.