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GDT index increases
The Global Dairy Trade auction on Tuesday saw an overall increase of 1.1 percent. This is the sixth consecutive increase at the auction and the highest the index has been since last July.
On Tuesday, butter increased 2.4 percent from the last sale, skim milk powder was 5.9 percent higher, butter milk powder was up 6.8 percent and cheddar cheese increased 10.8 percent. Rennet casein was 0.7 percent lower, whole milk powder declined 1 percent and anhydrous milk fat was 2.2 percent lower than the February 17th sale. No lactose or sweet whey powder was offered.
There were 22,094 metric tons sold on Tuesday which is 863 tons less than offered at the February 17th sale. Many had expected an increase after Fonterra announced last week it was going to offer more product at the auction. The New Zealand dairy giant had cut offerings in January for fear they would not be able to meet existing commitments due to drought-related milk production declines on the South Island.
Conducted on the first and third Tuesday of each month; nine dairy processors from around the world can offer nine different dairy products for sale on the GDT. The auction is seen as a price discovery mechanism for the global dairy market.
Read the full GDT report here:
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