- GDT Auction in Jul. 2022: - 5.0%
The second July 2022 Global Dairy Trade (GDT) auction further reduced prices for all dairy products. Whole and skimmed milk powder had to accept the biggest price setbacks. The auction volumes are largely unchanged at the low level that is typical for the season. Whole milk powder (VMP) (approx. 50% auction share) fell significantly by more than -5%. The front appointments have yielded above average. Absolute prices decrease to $3,757/t but still remain above the multi-year average. China's weak demand in the summer months was a major factor Skimmed milk powder (SMP) (share 25%) at -8.6% more than offset the positive results of previous auctions. The prices slide to the lower edge of the high price range of the last 5 years. The absolute MMP prices reach $3,709/t and are below the EEX prices ($3,948/t) and the Chicago quotations ($3,966/t).Butterfat prices (share 10%) have repeatedly had to accept price reductions. Price reductions averaged -2.1%. The median product price falls to $5,580/t, just barely remaining at the high end of the last 5 years. Normal butter (share 8%) had to accept another setback with -2.1%. Prices are now only in the upper midfield. Prices have been consistently lowered in all delivery months. The absolute butter price falls to $5,530/t. EEX Leipzig is quoted at the equivalent of $7,450/t and the Chicago prices are falling at $6,461/t.
