1st GDT auction prices in Oct. 2024: +1.2 %
The first Global Dairy Trade (GDT) auction in Oct. 2024 continued the average price increase of the previous auction with +1.2 %. There were significant price increases for whole milk powder. Butterfats appear to have passed a record high. The repeated high auction volume of 38,814 tons is outstanding. The record is 40,673 tons.
Whole milk powder (WMP) (approx. 50% auction share) was a decisive factor in the auction result with +3%. China, the largest importer, showed a strong demand for imports. The New Zealand milk season usually reaches its annual peak in October, but remains below average this year. The VMP price level rises to the equivalent of € 3,210/t.
Skimmed milk powder (SMP) (approx. 25% share) achieved a slightly corrective price reduction of -0.6%. At the equivalent of € 2,521 per tonne, absolute SMP prices are still close to the mid-range. The Chicago prices are at €2,601/t and the EEX prices in Leipzig are at €2,599/t.
Pure butterfat prices (approx. share 10%)were only just able to maintain the result of the previous auction by an average of -0.1 %. At -1.4%, the average for the month of Dec. 2024 was negative. For the first few months of the new year, the surcharges remain just in positive territory, as in the previous auction.
Normal butter (approx. 8% share) has once again had to accept price declines of -1.4%. Nevertheless, the price trend still remains at a high level. Prices fell to €5,779 per tonne, which is still comparatively high by Asian standards. EEX Leipzig is quoted at €7,600/t and Chicago prices are around €5,561/t for the Oct. 24 term.
