The average Global Dairy Trade (GDT) price index fell by 0.6% after the latest auction today (Tuesday, February 18).

There were a total of 165 bidders in the event which saw 22,651 metric ton (MT) of product sold.

The average selling price was €4,172 per metric ton in the auction, which lasted for just over two hours, during which there were 120 winning bidders.

The GDT Price Index now stands at 1,257 today – compared to the previous index figure on February 4 which was 1,264.

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

The majority of prices fell back in today's GDT auction with the exception of butter which recorded the strongest performance in the trading event with the average price rising by 2.2% to €7,045/MT.

But overall it was a disappointing result in particular for cheddar, lactose and skim milk powder (SMP).

The biggest slide in price was reserved for cheddar which fell back by 3.4% to an average price of €4,642/MT, but this was closely followed by a 3.4% fall for lactose to an average price of €969/MT. 

Meanwhile Skim milk powder (SMP) and whole milk powder (WMP) also fell back - with SMP sliding 2.5% to an average price of €2,630/MT and WMP falling back slightly by just 0.2% to €3,965/MT

The GDT auction results today will be viewed as an unwelcome reminder of the potential volatility in relation to commodity dairy prices and the impact that this could have on milk price forecasts.

Meanwhile Irish co-ops and processors continue to closely monitor dairy markets with a number of them confirming the milk price for supplies in January.

Lakeland will pay a base price of 49.75c/L, VAT inclusive, at constituents of 3.6% butterfat and 3.3% protein, will be paid for January milk in the Republic of Ireland, which is inclusive of the 0.5c/L Sustainability Incentive Payment.

Qualifying farmers will also receive a 5c/L out-of-season payment.

In Northern Ireland, a base price of 40.8p/L will be paid for milk supplied in January which is inclusive of the 0.5p/L Sustainability Incentive Payment. The base price has also been held from last month. The 3p/L out-of-season payment will be made on top of the base price.

Separately Kerry Dairy Ireland has confirmed that the milk price for January milk supplies is 53.5c/L, including VAT.

Kerry Dairy Ireland stated that this is inclusive of a base-price top-up of 3c/L, including VAT and quality bonuses.

This marks another increase in milk price for Kerry suppliers; up from 50c/L in December, 49.5c/L in November and 48.5c/L for October.

At EU standard constituents of 3.4% protein and 4.2% butterfat, the processor said that the milk price is 58.5c/L, including VAT.

Carbery Group today announced its milk price for supplies in January, confirming it is holding the price.

Carbery said that if this decision is replicated across the four west Cork co-ops – Bandon, Barryroe, Drinagh, and Lisavaird – it will result in an average milk price of 53.57c/L including VAT, the somatic cell count (SCC) bonus and the FutureProof sustainability bonus.

The FutureProof bonus available for 2025 has increased by 0.25c/L to a total 1.25c/L.

Dairygold also announced today that its quoted milk price for January has remained at 50c/L.

This is based on standard constituents of 3.3% protein and 3.6% butterfat, including sustainability and quality bonuses, and VAT.

Additionally, Dairygold’s early calving bonus for January is 3.36c/L, including VAT, will be paid on milk supplied in January, in accordance with milk quality criteria.

This will increase the attainable Dairygold milk price to 57.36c/L.

The January milk price equates to an average January farm gate milk price of 67.6c/L, based on the average January 2025 milk solids, achieved by Dairygold milk suppliers.