1st GDT auction prices in May 2025: +4.6%
The first Global Dairy Trade (GDT) May 2025 auction saw a strong price increase of +4.6% on average. Significant price increases came from VMP and clarified butter. Premiums were achieved in almost all delivery months, with some exceptions in Oct. 25. Auction volumes continue to fall due to seasonal factors and are well below the multi-year average.
Whole milk powder (VMP) (approx. 50 % auction share) increased by +6.2 % compared to the previous auctions. This is due to the very tight supply in the front delivery months. China, as the main buyer, has ensured sufficient stocks for the time being. In the fall months, seasonal increases in supply from Oceania are expected again. The VMP price level rises to 3,862 €/t.
Skimmed milk powder (SMP) (approx. share of 25 %), following the high price premiums in the pre-auction
+0.5 %, the price trend returned to an average line. Price reductions for the first and last delivery dates were offset by increases in the summer months. At the equivalent of 2,497 €/t, absolute SMP prices remain in the good mid-range of previous months. The Chicago prices are at €2,526/t, the EEX prices in Leipzig at €2,363/t.
Prices for pure butterfat (approx. 10% share)have once again risen sharply by an average of +5.4%. Similarly high premiums were achieved in all delivery months. Compared to normal butter, a further adjustment was required.
Normal butter (approx. 8% share) rose by an average of +3.8% for the second time in a row and reached a record high of €7,057/t at the GDT auctions. EEX Leipzig is quoted at €7,325/t and the Chicago prices are around €4,578/t for the May 25 date due to the dollar exchange rate.
The average auction result (index) is well above the 10-year average.
