GDT eases for the first time in 2022
Posted on: 18/03/22
Tuesdays GDT Auction result saw a run of 5 consecutive increases come to an end as the overall average dipped by 0.9% to average US $5039.
The drop came as a surprise to most and the expectation is that this is likely to be a one off with few if any anticipating a further drop at the next auction.
The tonnage sold was 23,348 tonnes (25,208 tonnes two weeks earlier) with 109 (112 last time) winning bidders out of 177 (176 last time) registered bidders.
Notable price movements were:
SMP up 1.6% to average US $4545 tonne
Cheddar up 0.3% to average US $6412 tonne
Butter down 1.8% to average US $6958 tonne
WMP down 2.1% to average US $4596 tonne