Dairy product prices rise 0.3 percent , volumes ebb in latest GDT auction
Prices of dairy products rose in the latest GlobalDairyTrade auction while volumes continued to fall from record levels reached last month.
The GDT Price Index, previously known as the GDT-TWI Price Index, rose 0.3 percent compared to the last sale two weeks ago. The average winning price was US$4,880 a tonne compared to US$4,941 a tonne.
The total volume of dairy products sold at the latest auction fell to 46,664 tonnes from 53,479 tonnes two weeks ago, the third straight decline. Fonterra, whose product dominates the platform, had record sales in August of a combined 109,664 tonnes, worth $685 million.
The average winning price of whole milk powder, the biggest product by volume, rose 1.1 percent to US$5,096 a tonne. Skim milk powder fell 1.7 percent to US$4,330 a tonne.
The price of anhydrous milk fat declined 3.3 percent to US$4,940 a tonne and butter milk powder rose 2.2 percent to US$4,805 a tonne. Butter rose 5.2 percent to US$3,911 a tonne.
Cheddar rose 1 percent to US$4,295 a tonne. Lactose wasn't offered. Milk protein concentrate fell 0.6 percent to US$7,569 a tonne. Rennet casein fell 0.4 percent to $9,825 a tonne.
There were 131 winning bidders over 13 rounds. There were 178 participating bidders out of a total number of qualified bidders of 877.