1st GDT auction prices in Dec. 2024: +1.2 %
The first Global Dairy Trade (GDT) auction in Dec. 2024 continued the price increases of the previous auctions with an average of +1.2 %. The decisive factor was the premiums for whole milk powder. In contrast, other products saw significant price reductions in some cases. Auction volumes continue to fall for seasonal reasons.
At +4.1 %,whole milk powder (VMP) (approx. 50 % auction share) once again continued the price increases of the previous auctions. The upward trend took place in all delivery months of the new year 2025. High Chinese demand was the main reason. Supply from NZ is declining slightly. The VMP price level is €3,792/t.
Skimmed milk powder (SMP) (approx. 25% share) has completely reversed the pre-auction price increases with a current -1.0%. The downward trend affects all coming delivery months. However, at the equivalent of € 2,710/t, absolute SMP prices are still close to the average of previous years. The Chicago prices are at 2,897 €/t and the EEX prices in Leipzig are at 2,630 €/t.
Pure butterfat prices (approx. share 10%)were unable to maintain the result of the pre-auction with an average of -0.5%. The Jan. 25 date (-3%) in particular dragged down the average result. The price changes remain small.
Normal butter (approx. 8 % share) made another significant correction of -5.2 % after the unusual rise in the previous auction (+8.3 %). Although the result remains in the high price range, the high seems to be coming to an end. Prices fall to 6,357 €/t. EEX Leipzig is quoted at 7,725 €/t and the Chicago prices are around 5,383 €/t for the Dec. 24 date.
The average auction result (index) remains above the 10-year average.
