International milk prices fell while volumes were up at this month’s second Global Dairy Trade (GDT) auction on Tuesday.
The GDT Price Index was down 1%, with an average selling price of $3,289 per metric ton. The index fell 3.3% at the previous auction on July 4, with an average selling price of $3,334, according to GDT Events.
A total of 25,956 tons of dairy products were sold at the latest auction, up about 4.5% from the previous sale, the auction platform said.
Based on new data from the USDA Economic Research Service (ERS), increased consumption of cheese, butter and yogurt helped offset another year-to-year decline in fluid beverage milk.
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