GDT auction: previous price increase stopped at -0.7%.

  1. GDT auction in November 2023: -0.7%

The first November 2023 auction of Global Dairy Trade (GDT) has temporarily interrupted the price rise of the previous auctions with an average of -0.7%. The decisive factor was the price cuts for whole milk powder due to the more than 50% auction share. The declining demand from China was the decisive factor. At 34,514 t, the auction volume remains at the usual high level for the season. The peak of New Zealand production is the month of October. Whole milk powder (VMP) (around 50% auction share) has interrupted the previous upward trend with an average of -2.7%. Demand from China was significantly lower. At $2,971/t, the VMP price level is only just within the 5-year average. Skimmed milk powder (SMP) (around 25%) has once again improved on average by +2.3% after the discounts in previous auctions. China's influence is also effective here. The result is moving towards the 5-year average. Absolute MMP prices reach $2,724/t but remain below the EEX rates ($2,749/t) and above the Chicago quotes of 2.623 $/t.

Butterreinfettkurse (rd. Anteil 10%) haben mit +3,1 % nochmal zugelegt. Allerdings bestand Nachholbedarf. Besonders kräftig fielen die Monate Dez.-23 mit +10,2 % ins Gewicht (Neujahrseffekt) sowie die Frühjahrsmonate Mrz. bis Mai 2024. Damit verstärken sich die positiven Erwartungen für 2024.

Normalbutter (rd. Anteil 8 %) ist nach den Preissteigerungen in den Vorauktionen wieder um -1,6 % zurückgesetzt worden. . Mit 4.890 $/t bewegt sich der absolute Butterpreis im 5-Jahresmittel. EEX Leipzig notiert umgerechnet bei 5.457 $/t und die Chicagoer Kurse sind auf 5.710 $/t zurückgefallen.

Das durchschnittliche Auktionsergebnis überschreitet den 10-Jahresdurchschnitt.


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