Two GDT events remain before Trump tariffs hit – a chance to get orders in the books, NZX analyst points out.
The Global Dairy Trade auction platform began the 2026 New Zealand dairy season with a some up, some down handful of prices and a strong indicator from the European market.
The GDT index fell 1.6%, dragged down by whole milk powder prices, down 3.7%, and skim milk powder, down 1.1%.
Buttermilk powder was the biggest loser at minus 6.1%, followed by cheddar down 4.2%.
On the plus side, very high butter prices were unchanged, mozzarella rose 2.3% and anhydrous milk fat rose 1.4% to narrow the gap with butter.
Butter stocks globally are constrained and that is keeping prices very high, around US$7800/tonne, NZX dairy analyst Rosalind Crickett said.
As European producers enter their peak milk month, recent industry figures show year-on-year declines for Belgium, down 3.9%; Germany, down 2.3%; and Spain, down 2%.
“Drier than normal conditions in northwestern Europe and the United Kingdom, along with bluetongue virus, are the reasons behind the lower milk volumes, which will continue to put upward pressure on European Union product prices,” Crickett said.
“There are also still two GDT trading events before Trump’s tariffs come into effect for non-Chinese imports – following the 90-day pause – which serves as an opportunity for traders to get orders in the books before any perceivable disruption to global trade.”
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