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Global Dairy Trade index increases again
Another nice increase at the Global Dairy Trade auction. The overall index was up 10.9 percent compared to the August 18th sale. After 10 consecutive declines, the Index has now increased more than 25 percent in the last two auctions. This is the highest the Index has been since June.
Of the eight products traded, only lactose was lower down 4 percent from the last sale. Cheddar cheese was 4.7 percent higher, rennet casein increased 6.3 percent, butter was 8.1 percent higher, anhydrous milk fat and skim milk powder were each 11.7 percent above the last auction. Whole milk powder increased 12.1 percent and butter milk powder jumped 30 percent.
Volume was 35,865 metric tons down slightly from the August 18th sale. Fonterra had announced just prior to the last auction that it was going to reduce the amount of product offered.
Conducted on the first and third Tuesdays of the month, the Global Dairy Trade auction (GDT) is seen as a price discovery mechanism for global dairy prices.
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