2nd GDT auction in May 2024: + 3.3 %
The second Global Dairy Trade (GDT) auction in May 2024 continued the upward trend of the previous auctions with an average increase of +3.3 %. The above-average results for normal butter provided significant support. The auction volume returned to 18,561 tons, as is usual for the season.
Whole milk powder (VMP) (approx. 50% auction share) continued its upward trend with an average increase of 2.9% over the delivery months. Positive premiums were achieved in all delivery months. Future supply from New Zealand will be significantly smaller due to lower cow numbers. The VMP price level rose to € 3,408/t, exceeding the 5-year average.
Skimmed milk powder (SMP) (approx. 25% share) has further improved on the pre-auction level with an average of +3.5%. The absolute SMP prices reached 2,629 €/t and were above the Chicago prices of 2,343 €/t and the EEX prices in Leipzig of 2,413 €/t.
Pure butterfat prices (approx. 10% share)have once again risen by an average of +3.5%. The delivery dates July-24 and November-24 were decisive price drivers with increases of +5%. Limited supply meets brisker Asian demand.
Normal butter (approx. 8% share) reached the peak prices from 2022 again at +5.1%. Global market supply remains tight. At € 6,931/t, the absolute butter price is above the 5-year average. EEX Leipzig is equivalent to €6,050/t and the Chicago prices are quoted at €6,151/t.
The average auction result (index) remains above the 10-year average.
