Jan 2, 2024 GDT auction with +2.3%

  1. GDT auction in Jan. 2024: +2.3%

The second Jan. 2024 auction of Global Dairy Trade (GDT) continued the price increase of the previous auctions with an average of +2.3%. A significant part of this is made up of pure butter fat and normal butter with high price markups. The auction volume continues to decline due to the season at 24,909 t. Whole milk powder (VMP) (around 50% auction share) continues the price increase from the previous auctions with an average of +1.7%. Surcharges were again implemented for all delivery months. China remains the main buyer. The VMP price level of $3,353/t is a good 5-year average. Skimmed milk powder (SMP) (around 25%) made up for the negative result of the previous auction with +1.2%. The later dates compensate for the weak growth in the pre-auction. However, the result still remains below the 5-year average. The absolute MMP prices reach $2,638/t, but remain below the EEX prices ($2,794/t) and just below the Chicago quotes of $2,648/t. Pure butter fat courses (approx.Share 10%) have increased significantly at +4.3%. Similar high surcharges above the 4% mark were achieved in all delivery months. Normal butter (around 8%) has once again achieved a sharp price jump of +5.8%. Compared to the competition in the USA and the EU, there was a need to catch up. At $5,906/t, the absolute butter price is above the 5-year average. EEX Leipzig is trading at the equivalent of $6,077/t and Chicago prices are trading at $5,644/t. The average auction result once again exceeds the 10-year average.


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