Global dairy prices fell for the second time in a row at the latest auction held today (Wednesday 5th June), after previously experiencing ten consecutive increases.
The drop was due to strong supply as prices eased off after a long rally at the beginning of the year.
According to GDT Events, the GDT Price Index fell by 3.4%, with an average selling price of $3,423 per tonne.
The index fell 1.2% at the previous sale.
The most traded item was whole milk powder, which still saw a decline of about 1.5%.
Skim milk powder fell by 4%, while buttermilk powder fell by 10.1%.
Cheddar fell by 14% and butter fell by 10.3%.
The only products that increased their sales were lactose (+0.4%) and Rennet Casein (+4.2%).
A total of 19,874 tonnes was sold at the latest auction, an increase of 28.1% on the last auction.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.