Dairy prices fell an average of 3.1% on weighted basis on the GlobalDairy Trade auction today on a volume of 34,519 metric tons traded.
Butter was down 11%; cheddar cheese, down 2.2%; skim milk powder, down 4.5%, and whole milk powder, down 6.6%. The volume traded was similar to trading sessions since mid-August.
On a per pound basis, global prices for butter are just $1.29 compared to U.S. prices of $2.53. World prices for cheddar are also selling for a discount, $1.44 compared to U.S. block prices of $1.65/lb. U.S. prices for skim milk powder, however, are at 88¢/lb. compared to world prices at 99¢/lb.
Get the full GlobalDairy Trade results here.