Global dairy prices plummet in latest auction

(Image: Getty)

Wed, 05 Jul 2023

Global dairy prices fell in the overnight auction, seeing the second-biggest fall the index has had this year.The Global Dairy Trade (GDT) index fell 3.3%, with butter and buttermilk powder contributing the most to the drop.Butter prices fell 10.3% to US$4,842 (NZ$7,819) a tonne while buttermilk prices dropped even further by 11.4% to US$2,189 a tonne.NZX dairy analyst Alex Winning and dairy economist Amy Castleton said the plunging prices were indicative of wider market sentiment and signals around milk supply. Whole milk powder (WMP) had...

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