1st GDT auction in July 2025: prices down -4.1%
The first July 2025 auction of Global Dairy Trade (GDT) continued the price decline of the two previous auctions with an average of -4.1%. Auction volumes rose unusually sharply to 25,705 tons. The maximum quantity offered was even around 30,000 tons. However, it should be noted that milk supply in New Zealand usually peaks in the fall months.
Whole milk powder (VMP) (approx. 50% auction share) suffered a further sharp drop of -5.1%. The main buyer, China, is holding its own for the time being. Despite the price decline, the price level remains in the upper mid-range compared to previous years. The VMP price falls back to 3,282 €/t.
Skimmed milk powder (SMP) (approx. 25% share) has continued its downward price trend for the 5th time with -1.4%. However, at the equivalent of € 2,319/t, absolute SMP prices are still in the mid-range of the last 3 years. The Chicago prices are at €2,373/t, the EEX prices in Leipzig at €2,409/t.
Prices for pure butterfat (approx. 10% share)continued their decline in the pre-auction with an average of -4.2%. The upward scope for prices appears to have been exhausted. The exception is the delivery month of Aug. 25 with an unusual increase of 8%.
However,normal butter (approx. 8% share) has not left the high price level with an average of -4.3%. At €6,418/t, the level remains above average. EEX Leipzig is quoted at €7,425/t and Chicago prices are around €4,955/t for the July 25 date due to the dollar exchange rate.
The average auction result (index) still remains above the 10-year average.
