Global dairy prices declined once again, dropping 2.8% in aggregate value on the GlobalDairy Trade auction this week.
Cheddar cheese was down the most, dropping 5.6% to $1.15/lb. Butter was down 2.3%, to $1.29/lb and skim milk powder declined another 1.4% to 80¢/lb. Those prices roughly compare to $2.05/lb for cheese, $1.46/lb for butter and 86¢/lb for skim milk powder on the Chicago Mercantile Exchange.
The volume of dairy products traded was low, at 22,000 metric tons. This is the third consecutive trading session volumes were below 25,000 tons, and have not been this low since last April.