Dairy prices ‘nosedive’ at latest GDT auction

(Image: Fonterra)

Wed, 03 Jul 2024

Global dairy prices have seen their biggest fall in nearly a year.The Global Dairy Trade (GDT) price index fell 6.9% to an average price of US$3,782 a metric tonne (NZ$5,672/MT) at the latest auction overnight.It’s the largest drop since August last year and comes after 0.5% decline two weeks ago.Across the auction, all products except lactose, saw a decrease.Whole milk powder, which has the biggest influence on Fonterra’s milk price and makes up half of the auction by volume, fell 4.3% to US$3,218/MT.Skim milk powder, the dair...

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