Volume increased 10% at this week’s Global Dairy Trade auction, with China’s buying participation up 124% from the last event. Powder prices were a mixed bag, with SMP dipping 1.1% to $1.15 per pound and WMP gaining 3.7% to reach $1.48 per pound. Cheese prices were up 1.4% to $1.94 per pound, while butter (adjusted for 82% butterfat) dropped 1.8% to $2.94 per pound.
U.S. cheese exports slid off record highs in June to 86 million pounds. That was down 20 million pounds (-19%) from May but still up 7 million pounds (+9%) year-over-year. Butter exports neared 7 million pounds, a 2-million-pound (+32%) year-over-year gain and the highest monthly volume since March 2023. But sales of NDM + SMP eased to 134 million pounds, down 15 million pounds (-10%) on the year.
After yesterday’s broader market volatility, CME blocks leapt to $1.9000 per pound, tacking on six cents, with one lot traded. Barrels remained at $1.9100 per pound with three loads exchanged. Whey prices softened to $0.5975 per pound, down $0.0125 with four lots traded. Meanwhile, NDM prices remained steady at $1.2325 per pound, unchanged, with 17 loads sold.
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