5% Crash in GDT Auction results
Posted on: 03/07/18
Today’s 10th anniversary GDT auction is no reason for farmers to celebrate as the average price crashed back by a whopping 5% to average $3232 for the 26,519 tonnes sold, which is the third consecutive fall in only 4 weeks.
Notable prices were:
WMP down 7.3% to average US $2905 tonne
SMP down 4.6% to average US $1913 tonne
Cheddar down 4.3% to average US $3713 tonne
Butter down 4.0% to average US $5390 tonne
The overall index has fallen by US $405 (11.1%) in only 7 weeks.
The auction started in July 2008 just as the global crash in dairy prices started to go in freefall. During these 10 years more than $22 billion (£16.7 billion) of dairy products have been traded to buyers in more than 80 countries.