GDT Auction continues to rise at speed and sets record average prices for butter & cheddar
Posted on: 15/02/22
Today’s GDT Auction recorded a further 4.2% average rise compared to the average achieved only two weeks ago which was also up 4.1%. Today’s auction clocked up an impressive $4840 average. If this is repeated in the next auction in two weeks’ time with an average increase of 3.3% or more the average will break the US $5000 tonne mark which was last seen in February 2014.
The total sold today was 27,726 tonnes (28,463 tonnes 2 weeks ago) with 111 winning bidders and the total number of participating bidders totalled 180 compared to 162 at the previous auction. The big question is when will the auction level off and at what level?
Notable prices were
SMP + 6.0% to average US $4295 tonne
Butter + 5.1% to average US $6686 tonne which is an all-time record high
WMP + 4.2% to average US $4503 tonne
Cheddar + 3.5% to average US $5881 tonne which is an all-time record high