World dairy prices dipped 2.9% on the GlobalDairy Trade auction this morning, falling to $2,190 per metric ton. Just 20,406 metric tons sold on the auction today, the lowest level of trading since March 17, 2015.
Cheddar cheese dropped the most, dipping 5.6% to $1.11/lb. Butter was down 2.8% to $1.24/lb., and skim milk powder declined 2.5% to 79¢/lb. U.S. domestic prices are considerably higher for cheese and butter. Yesterday, cheddar closed at $1.44/lb. and butter closed at $1.94. Skim milk powder on the Merc continues to trade below world prices, at 75¢lb.
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