May 2 GDT Auction -0.9%

  1. GDT auction in May. 2023: -0.9%

The second May 2023 auction of the Global Dairy Trade (GDT) had to give up part of the surcharges of the previous auctions with an average of -0.9%. The big loser was concentrated butter. The auction volume of around 21,565 t was again smaller than in the previous auctions. Whole milk powder (WMP) (around 50% of the auction share) held up well at the level achieved so far with +0.3%. The later delivery months have a focus on Sep. and Oct.23 clearly caught up. There are signs of a higher level in the autumn months. The VMP price level is $3,244/t. The New Zealand milk season has its delivery peak in October. China is the largest VMP importer from NZ. Skimmed milk powder (SMP) (about 25% share) had to give up the surcharges in the pre-auction with -1.6%. There was a sharp correction of a closeout for the Jun.23 delivery. The 5-year mean has not yet been fully reached. The absolute MMP prices reach $2,766/t and are above the EEX rates ($2,602/t) and the Chicago quotations of $2,562/t.At -4.5% , butterfat prices (around 10%) canceled out the surcharges of the pre-auction. The highest price reduction of -7.6% for the month of July 23 follows the low result of Jun 23 in the pre-auction. The median product price falls to $4,600/t, remaining below the 5-year average. Normal butter (approx. share 8%) continued the price premiums of the pre-auction with +2.2%. The high prices achieved in the pre-auctions in the early delivery dates were supplemented this time by above-average surcharges in the later months. At $5,068/t, the absolute butter price exceeded the 5-year average. EEX Leipzig is quoted at the equivalent of $5,060/t and the Chicago rates are even at $5,363/t. The average auction result is approaching the 10-year average again. The milk deliveries in important production areas of the world show a continuously falling course. Increases have only been observed in the USA in recent months. Only minor changes can be observed in other important producing countries.Product prices that have fallen worldwide have slowed production. The milk season is coming to an end in the southern hemisphere.

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