The Global Dairy Trade (GDT) index has recorded its fourth increase on the bounce following the latest trading event today (Tuesday, May 21).
The index now stands at 1,143, the highest figure since October 2022. This is an increase of 3.3% on the preceding GDT event.
The latest index figure reflects an average price of $3,861/MT, with a total of 18,561MT of product sold today.
In the 12 most recent GDT events, going back to December 5, all but two have ended with increases to the index.
Of the 10 increases in that time, today’s is the second highest (the index increased by 4.2% on February 6).
177 bidders participated in today’s auction, with 116 winning bidders emerging across 17 bidding rounds, which took place over two hours and 26 minutes.
Looking at the sub-indices for the individual products, the big performer was mozzarella, which increased by 9.8%, reflecting an average price of $4,215/MT.
Lactose also put in a strong showing, increasing by 8.1% for an average price of $795/MT. The butter sub-index, meanwhile, increased by 5.1%, for an average price of $6,931/MT.
Anhydrous milk fat (AMF) and skim milk powder (SMP) both increased by 3.5%, for average prices of $7,365/MT and $2,629/MT.
Whole milk powder (WMP) increased by 2.9% for an average price of $3,408/MT.
None of the product sub-indices recorded decreases, although the cheddar sub-index was unchanged, and no data for butter milk powder (BMP) was available after this event.
Dairy processors
The latest GDT index comes after most of the main players in the Irish dairy processing industry announced their milk prices for April.
The latest processor to do so, Carbery Group, said it has increased it base milk price for April by 0.5c/L.
Carbery is also continuing to make a payment from its stability fund of 0.5c/L.
If this decision is replicated across the four west Cork co-ops of Bandon, Barryroe, Drinagh and Lisavaird, it will result in an average milk price to Carbery suppliers of 42.19c/L, the group said.