Auction average down another 1.7%

Last week’s GDT auction produced the 4th consecutive average price fall in only 6 weeks with the average achieved down 1.7% to US$3222 to its lowest point in 2018 and hot on the heels of an eye-watering 5% drop only two weeks ago.

Volumes available were down 4% to 25,454 tonnes and the negative trend is a concern, particularly for New Zealand dairy farmers.

Notable prices were:

Butter               down    8.1% to average US$4953 tonne
Cheddar            down    3.3% to average US$3596 tonne
SMP                 up        0.8% to average US$1959 tonne
WMP                up        1.5% to average US$2973 tonne