The Global Dairy Trade (GDT) index has seen a second successive decrease in the index figure following the latest trading event today (Tuesday, June 3).
The index decreased by 1.6% today, for an average price of €3,794 per metric tonne (mt). The index figure is now at 1,311.
Of the 12 most recent GDT auction events back to December 17 (including today’s event), the index has decreased six times, increased five times, and gone unchanged on one occasion.
166 bidders participated in today’s event, with 117 bidders emerging from 15 bidding rounds. The event lasted for two hours and 14 minutes, in which 16,307mt of product was sold.
Looking at the Global Dairy Trade product sub-indices, the biggest movement was for butter milk powder (BMP), which decreased by 6.1% for an average price of €2,482/mt.
Another notable decrease was seen for cheddar, which fell back by 4.2%, reflecting an average price of €4,167/mt.
The whole milk powder (WMP) index decreased by 3.7%, for an average price of €3,654/mt, while the lactose index fell back by 2% for an average price of €1,201/mt.
Meanwhile, the skim milk powder (SMP) index fell by 1.1% to a price of €2,458/mt.
Two of the Global Dairy Trade sub-indices moved in the opposite direction, with anhydrous milk fat (AMF) increasing by 1.4% for an average price of €6,457/mt, and mozzarella increasing by 2.3% for an average price of €4,288/mt.
The sub-index for butter recorded no percentage change, and an average price of €6,840/mt.
Dairy markets
One of the dairy processors that sells product has part of the GDT, New Zealand agri-business Fonterra, has announced a profit after tax of NZ$1.158 billion in the third quarter (Q3), up NZ$119 million or 11% on this time last year.
As a result, the New Zealand co-op narrowed its year-end earnings range to 65-75 cents per share, which is at the upper end of the guidance provided in March of 55-75 cents per share.
The dairy business also confirmed an opening forecast farmgate milk price for the 2025/26 season of $10.00 per kg of milk solids (MS), driven by “stable near-term market demand”.
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