GDT Auction hits a 9 month low

The most recent GDT Auction (19^th July) fell a further 5% to that recorded two weeks earlier making it 8 falls out of the past 9 Auctions and down to a 9 month low not seen since October 2021.

 

Average prices were down 18% from the record recorded in March of this year and this will impact on New Zealand farmers farmgate payout forecast.

 

The average Auction price was US $4166 tonne down 5% from the $4360 clocked up on the 5^th July.

The number of participating and winning bidders were similar to those seen in the previous auction with 149 participating bidders (147 on 5^th July) and 109 winning bidders (111 on 5^th July).

The tonnage actually sold was similar at 23,219 tonnes compared to 23,461 sold on 05/07/22

All products recorded price drops

                SMP down 8.6% to average US $3709 tonne

                WMP down 5.1% to average US $3757 tonne

                Butter down 2.1% to average US $5530 tonne

                Cheddar down 2.0% to average US $4825 tonne