2nd GDT auction in Nov. 2022: +2.4% The second Nov 2022 auction of the Global Dairy Trade (GDT) interrupts the previous downward trend of the pre-auctions and achieves an average of +2.4%. Skimmed milk and whole milk powder delivered the decisive upward swings. The auction volume of around 28,980 t for the season is still below the multi-year average. Whole milk powder (VMP) (approx. 50% auction share) regained the setback of the pre-auction with +3.1%. Price increases took place on all delivery dates. Increased demand from China is decisive for the result. Absolute prices rise to $3,397/t, stabilizing on a multi-year average. Skimmed milk powder (SMP) (25% share) made up for almost half of the price drops in the pre-auction with +3.1%. The course increases are reflected in all delivery dates. The level above the 5-year average is thus maintained. The absolute MMP prices reach $3,057/t and are below the EEX prices ($3,725/t), and the Chicago quotations ($3,406/t).With an increase of +2.7%, butterfat prices (share 10%) smoothed out the price reductions of the pre-auction. In particular, the delivery dates in the new show a clear upward trend. The average product price rises to $ 5,711 /t and is confirmed in the 5-year average. Normal butter (share 8%) has not yet caught up again after the setbacks in the previous auctions at -0.8%. The result can be found in almost all delivery months. and remains in the middle of the field for the last 5 years. The absolute butter price falls to $4,829/t. EEX Leipzig is quoted at the equivalent of $7,208/t and the Chicago rates are at $6,505/t. The average auction price level for dairy products remains just below the 10-year average. The price development is pointing downwards due to the weak demand caused by the economy.
