- GDT auction in March 2021 with a moderate setback of -3.8% to the record-breaking pre-auction of + 15%.
The second March 2021 auction of Global Dairy Trade (GDT) partially corrected the high surcharges of the pre-auction downwards. Whole milk powder and normal butter were once again the driving force, this time in the other direction. The handling volumes have failed greater than in the Vorauktion. Seasonally, however, the quantities will continue to decline until late summer. Whole milk powder (VMP) corrected the over 20% surcharge of the pre-auction downwards with a moderate average discount of -6.2% . Except for the last month, the discounts are around 6%. China, with its growing need for imports, has a major share. The absolute prices of $ 4,083 / t remain at the top level in a multi-year comparison.Skimmed milk powder (SMP) once again pushed the price trend upwards with surcharges averaging + 0.7%. However, the above-average surcharges in the last few months have been revised downwards in some cases. At $ 3,350 / t, the SMP prices are still at a high level compared to the EU ($ 2,888 / t) and the USA ($ 2,598 / t). Butterfat makes a further step in the direction of rising prices with +3.7%. The high surcharges for the April 21 appointment with + 6.7% and August 21 appointment with + 4.8% are striking. The butter fat is extremely scarce in Asia. The average product price increased again to $ 6,155 / t and is thus at the top level. Normal butter Vorauktion a correction with an average of 2.8% suffered by the high prices will rise by almost 14%. The delivery month May-21 experienced the highest price adjustments downwards of -4.5% after the high surcharges in the pre-auction of +16%. The absolute price is set at 5.$ 659 / t in the maximum price category. EEX Leipzig is quoted the equivalent of $ 4,749 / t and Chicago prices are $ 3,827 / t. The latest auction results have reduced the above-average surcharges for the pre-auction. Nevertheless, the fundamental upward trend remains intact. Dairy products have become significantly scarcer in international trade. Availability is limited, especially in Asia. The milk season is coming to an end in the southern hemisphere. In the northern hemisphere, one usually expects a seasonal increase in delivery. In the EU and the USA, the butter prices lag significantly behind. Experience has shown that this situation does not last long due to the competition and the courses are catching up.
