Global Dairy Trade Results Update – 2/4/20
Executive Summary Dairy product prices declined during the GDT event held Feb 4th. Highlights from the most recent auction include:
- The GDT Price Index declined 4.7% at the Feb 4th event, finishing at a five month low level. The GDT Price Index finished below three year average seasonal price levels for the first time in the past 27 events.
- Declines in prices within the Feb 4th event were led by whole milk powder, followed by butter milk powder, anhydrous milkfat and skim milk powder. Whole milk powder prices declined to a seven month low level as concerns over Chinese demand have been raised with the emergence of coronavirus. Over 90% of Chinese whole milk powder imports originated from within New Zealand throughout 2019. Butter and cheddar cheese prices increased throughout the Feb 4th event, reaching six and eight month high levels, respectively.
- Total quantities sold for all products at the Feb 4th event declined seasonally from the previous event but remained higher on a YOY basis for the third consecutive event. Volumes sold for all products within the first auction of February finished 19.2% above last year’s average volumes sold for the month of February and 31.0% above three year average seasonal figures, reaching a six year high seasonal level, overall.