News dairy business
Butter steals show and limits loss at GDT
An average decline in the whole milk powder price of 2,5% slightly lowers an otherwise reasonably positive GDT auction. Butter is the major counterpart to the main product, with a record price, especially for New Zealand products and direct delivery.
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The GDT index rose by 1,7% two weeks ago, this time the index fell by 0,5%. In a sense it was a better-than-expected result. A larger decline was expected.
The main product, whole milk powder, therefore fell relatively sharply in price, but especially in New Zealand. The price of European product held up better and was about €600 per tonne higher than New Zealand milk powder.
With skimmed milk powder the picture is reversed. The average price of this rose by 0,7% and it was mainly the New Zealand product that increased slightly and was trading higher on average about €80 per tonne for nearby delivery.
According to reports, mozzarella was not traded; Cheddar did, at a slightly lower price than at the previous auction. Butter oil fell in price, but butter rose by 6,2% in price. The highest prices were recorded for New Zealand products. Before this, more than €8.200 per tonne was paid for delivery at short notice. European product was auctioned about €1.600 cheaper per tonne.
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However, there was no enormous volume. At 16.767 tons, even less was traded than at the previous, even modest, auction.