- GDT auction in November 2023: 0.0%
The second November 2023 auction of Global Dairy Trade (GDT) has temporarily interrupted a further price decline from the previous auction with an average of -0.0%. The decisive factor was the price increases for whole milk powder with its high auction share. China demand was the decisive factor. At 34,111 t, the auction volume remains at the usual high level for the season. The peak of New Zealand production is usually the month of October. Whole milk powder (VMP) (around 50% auction share) has largely made up for the discounts in the pre-auction with an average of +1.9%. Demand from China has picked up again somewhat. At $3,027/t, the VMP price level is only just within the 5-year average. Skimmed milk powder (SMP) (around 25%) had to give up the surcharges in the pre-auction. The delivery month of December-23 in particular suffered above-average price reductions. The result remains below the 5-year average. The absolute MMP prices reach $2,622/t, but remain below the EEX prices (2.749 $/t) and above the Chicago quotations of 2,623 $/t. Butter fat prices (around 10%) increased again by +0.9%. The decisive factor was once again the delivery month of December 23 with + 5.8% compared to the pre-auction. (China New Year effect). But the dates in the first half of 2024 also show consistently positive price developments. Normal butter (roughly 8%) has been repeatedly reduced by -1.1%. At $4,833/t, the absolute butter price is at the 5-year average. EEX Leipzig is trading at the equivalent of $5,457/t and Chicago prices have fallen back to $5,710/t. The average auction result remains in10-Jahresdurchschnitt.
