Dairy product prices gain 0.5% in GDT auction, led by butter
Dairy product prices gain 0.5% in GDT auction, led by butter, whole milk powder
Feb. 5 (BusinessDesk) - Dairy product prices rose in the second GlobalDairyTrade auction in a row, led by butter and whole milk powder, while volumes continued to retreat.
The GDT Price Index increased 0.5 percent from the last sale two weeks ago. The average winning price was US$5,042 a tonne from US$5,025 per tonne at the last auction. Some 35,399 tonnes of product was sold, the lowest since June last year and down from 41,024 tonnes in the previous sale.
Butter rose 2.6 percent to US$4,745 a tonne to the highest in at least a year, having jumped almost 11 percent in the last auction. Whole milk powder, the biggest product sold by volume, rose 1.4 percent to US$5,005 a tonne.
The auction results come after the ANZ Commodity Price Index rose 1.2 percent to a record in January, with butter leading the gains, up 4 percent from December and up 33 percent from the same month last year.
Among other products at the GDT auction, cheddar fell 4.3 percent to US$4,935 a tonne and milk protein concentrate fell 3.3 percent to US$9,334 a tonne.
Rennet casein declined 3.7 percent to US$11,876 per tonne, butter milk powder dropped 1.2 percent to US$4,775 per tonne, and anhydrous milk fat fell 1.2 percent to US$5,569 a tonne. Skim milk powder was unchanged at US$4,746 a tonne.
There were 124 winning bidders at the auction over 12 rounds. There were 185 participating bidders out of a total number of qualified bidders of 788.