1st GDT auction prices in Nov. 2024: +4.8 %
The first Global Dairy Trade (GDT) auction in Nov. 2024 continued the limited price increases of the previous auctions with a significant premium of +4.8% on average. The decisive factor was the premiums for butterfats, but the considerable price increases for milk powder also contributed to this. However, the recent repeated high auction volumes have passed their seasonal peak.
Whole milk powder (VMP) (approx. 50% auction share) delivered a significant improvement of 4.4% following the predominantly weak results in the previous auctions. The upward trend will continue in the delivery months of the new year 2025. The New Zealand milk season reached its annual peak in October. The VMP price level is € 3,407/t.
Skimmed milk powder (SMP) (approx. 25% share) turned the previously negative price trend back in a positive direction at +4%. The coming months of the new year 2025 will also benefit from this. At the equivalent of € 2,615 per tonne, absolute SMP prices still remain in the narrow mid-range, however. The Chicago prices are at €2,760/t and the EEX prices in Leipzig are at €2,572/t.
Pure butterfat prices (approx. 10% share)were able to significantly improve the moderate result of the pre-auction with an average of +4.6%. The price increases were largely able to continue in the delivery months of the new year.
Normal butter (approx. 8% share) has seen a significant upturn of +8.3% after the previous setbacks and is still at a high price level. The delivery month of Dec. 24 set a special accent (Christmas business) with an increase of +18.5 %. Prices rose to €6,415 per tonne, which is comparatively high by Asian standards. EEX Leipzig is quoted at 7,750 €/t and the Chicago prices are around 5,491 €/t for the Dec. 24 date.