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Global Dairy Trade continues its downward path
The Global Dairy Trade is expected to decline for the seventh consecutive year during the second round of auctions in November. Butter prices, in particular, are expected to take a significant hit.
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Butter prices fell 7,6% to an average of $5.886 per tonne, the lowest level since January 2024. European product sold the cheapest, while butter of New Zealand origin was considerably more expensive. Following the price drop, butter prices fell 5% to $6.543 per tonne.
Cheese prices are also falling. Cheddar is down 2,7% to $4.328 per tonne, while mozzarella is down 2,8% to $3,214 per tonne. In Europe, mozzarella is slowly recovering, but that's not yet the case on the GDT.
A slight price decrease of 0,6% is visible for skimmed milk powder, reaching $2.542 per tonne. Whole milk powder fell by 1,9% to $3.452 per tonne. These declines indicate continued weak buying interest from China.
At 38.612 tonnes, the traded volume was almost 1.000 tonnes lower than the previous trading round in early November.