GDT drops for the 8th Consecutive Auction
Posted on: 03/08/21
Todays GDT Auction has recorded its 8th consecutive fall in average prices this time down 1% to average $3784 US per tonne for the 24,084 tonnes sold.
The biggest drop was in the average price of whole milk powder
Notable movements were
Butter up 3.8% to average $4589 tonne
SMP up 1.5% to average $3020 tonne
Cheddar up 0.7% to average $4065 tonne
WMP down 3.8% to average $3598 tonne
The global dairy market sentiment remains negative which is a concern and the main cog is once again China whose demand for dairy has cooled in addition milk output from the USA and Mainland Europe is very high.
Dairy futures trades are mirroring GDT results including AHDB Dairy’s UK milk price equivalent (UKMFE) with both June and July forward horizon through to October 2022 loosing ground in every traded month which is not good.