This GDT figure shows the butter price development during the past 12 months.
International milk prices rallied in the passed Global Dairy Trade auction, adding to the view that the market may be on the road to recovery. The GDT Price Index, which covers a variety of products and contract periods, rose 12.7 percent, with an average selling
price of $2,731 per tonne, in the auction held Tuesday.
Whole milk powder prices, which make up the bulk of the auction, soared 18.9 percent while skim milk powder prices rose 3.0 percent and butter rose 14.1 percent.
For the second time the prices went up at the latest GDT trading event, this time with an average of 3.8 percent. WMP was among the winners with +7.5 percent.
For the first time this year the Global Dairy Trade index went up. The index reached +1.4 percent on 1 March after a four negative price indexes in a row.
Freefalling milk prices seem to have finally found a bottom, as prices on the Global Dairy Trade (GDT) auction site bounce by 15%, following a rally in the dairy futures market.
Tuesday’s GDTevent, which is run by New Zealand milk giant Fonterra, saw prices for whole milk powder rise 19% from the last event two weeks ago, while prices for anhydrous milk fat soared 27%.
This is the first time prices have risen on the GDT since early March, and mark a recover from the previous auction’s 13-year price low.