GDT Auction prices continue to slide south for the 8th consecutive auction

Key movers in last Tuesday’s GDT auction were:

Cheddar down 3.5% to average US$3503 tonne
WMP down 1.8% to average US$2768 tonne
SMP down 1.1% to average US$1980 tonne
Butter down 0.1% to average US$4270 tonne

Average down 1.3% to average US2934 tonne with 39,143 tonnes sold.

This means in the last 8 GDT auctions the average price has dropped by close to 20% to prices last seen in October 2016.