The average Global Dairy Trade (GDT) price index increased by 4.6% following the latest auction today (Tuesday, May 6).

There were a total of 175 bidders in the event which saw 16,714 metric ton  (MT) of product sold.

The average selling price was €3,988 per metric ton in the auction, which lasted for more than three hours, during which there were 101 winning bidders and 26 bidding rounds.

The GDT Price Index now stands at 1,344 today – compared to the previous index figure on April 15 which was 1,285.

The GDT auction, which is held twice in every month, is a trading platform for core dairy products.

Today's top performers were lactose and cheddar - both achieved a double digit increase in price.

But there was a disappointing result for mozzarella which dropped by 0.3%.

In the graphic (below) the shaded dials indicate the proportion of each product group sold versus total quantity sold during the previous 12 months, with a three month lag.

Figures within the dials represent the percentage change in GDT price index and the weighted average price.

The upbeat performance by seven out of the eight traded commodities is a good indicator of demand although market uncertainty remains on the horizon.

Last week Seán Molloy, the CEO of Tirlán, told Agriland that milk supply has not picked up across the world in the way that farmers “might have been envisioned it would”.

He believes that “difficult supply” in parts of Europe is helping to create demand/supply tension which is “always helpful” as a supplier.

Molloy is optimistic that 2025 will be a “positive year” from a farming and milk price perspective.

But he has also warned that "there are high levels of geopolitical and wider economic turbulence with new alliances being formed at a global level".

"We expect the volatility to continue in the months ahead," the CEO of Tirlán stated.