Global Dairy Trade Results Update – 2/18/20
Executive Summary Dairy product prices continued to decline during the GDT event held Feb 18th. Highlights from the most recent auction include:
- The GDT Price Index declined 2.9% at the Feb 18th event, finishing at a 13 month low level. The GDT Price Index finished lower on a YOY basis for the first time in the past eight months, finishing down 3.7%.
- Declines in prices within the Feb 18th event were widespread across products offered with the exception of cheddar cheese prices, which increased to a nine month high level. Declines in prices were led by anhydrous milkfat, which declined to a three and a half year low level. Skim milk powder and whole milk powder prices declined to four and 13 month low levels, respectively, throughout the Feb 18th event.
- Total quantities sold for all products at the Feb 18th event declined seasonally from the previous event but remained higher on a YOY basis for the fourth consecutive event. Volumes sold for all products within the February auctions finished 17.5% above last year’s average volumes sold for the month of February and 29.1% above three year average seasonal figures, reaching a six year high seasonal level, overall.