Dairy commodity prices dropped across the board today in New Zealand’s GlobalDairy Trade auction. Total volume traded was just a hair under 34,000 metric tons.
Skim milk powder and whole milk powder, the two most commonly traded commodities, both lost 8% in value. Butter was down 5.6% and cheese dropped 4.6%.
Skim milk powder is now selling on world markets for 92¢/lb., cheddar cheese at $1.36/lb., and butter, $1.17.
In contrast, U.S. prices are 82¢/lb. for skim milk powder, $1.57/lb. for cheddar cheese and $2.77/lb for butter.
You can view the complete results of today’s GDT auction here.