The Global Dairy Trade (GDT) price index fell 1.1% at this week's trading event, its average price for product sold coming in at €3,349/t. The index now stands at 1,163, down from 1,177 at the previous event.

A total of 42,444 tonnes of product changed hands. 155 bidders took part, of whom 126 were successful, across 18 bidding rounds that ran for two hours and 56 minutes.

The product sub-indices moved in very different directions. Cheddar rose sharply, up 16.5% to an average of €3,528/t. Butter dropped 5.7% to €4,121/t and mozzarella 6% to €3,456/t.

Lactose slipped 4.3% to €1,553/t, and anhydrous milk fat lost 3% to €4,968/t.

The GDT auction is the reference for internationally traded dairy commodities, and the split between firm cheese and weaker fats echoes what Irish processors said this week when setting August milk prices: protein and cheese returns are holding while fat-based products soften. Kathleen O'Sullivan reported the result for Agriland.

Source: Agriland