Global Dairy Trade (GDT) held its 300th trading event this week (Tuesday, January 18), which resulted in a 4.6% price index increase - its highest mark in eight years.
The latest price index figure following today's event stands at 1,397 up from 1,336 at the last event held on January 4, 2022.
The index is the highest in eight years since it reached 1,404 in March 2014.
The GDT price index is calculated from the total quantity sold in an event across all products, contract periods, and sellers.
The latest event saw an average price of $4,463 USD/MT with 30,644MT being sold across 15 bidding rounds over a period of two hours and five minutes.
The event saw 111 winning bidders out of 167 who participated. Minimum supply was recorded at 28,270MT and maximum supply at 33,205MT.
All traded products - for which figures have been published - saw an increase.
Whole milk powder (WMP) showed the strongest performance at the trade event with a 5.6% increase reaching $4,082, on average.
Butter and skim milk powder (SKP) both recorded a 5% price index increase up to $6,158 and $3,963/MT, respectively, on average.
The GDT price index for anhydrous milk fat (AMF) and cheddar only rose slightly by 0.6% to $6,720 and by 1.1% to $5,546, respectively.
Butter milk powder (BMP) was not offered at today's event, and figures for sweet whey powder (SWP) and lactose are not available.
The price index results and changes are summarised as follows:
- AMF index up 0.6%, average price $6,720/MT;
- Butter index up 5%, average price $6,158/MT;
- BMP not offered at this event;
- Cheddar index up 1.1%, average price $5,546/MT;
- Lactose index not available;
- SMP index up 5%, average price $3,963/MT;
- SWP index not available;
- WMP index up 5.6%, average price $4,082/MT.