Average GDT dairy commodity price down for third auction running

The GDT Price Index, a weighted average of percentage changes in dairy commodity prices on the auction platform, fell today by 7.9% from $2,569 a tonne on November 3 to $2,345.

This follows decreases in the average price of 3.1% and 7.4% on October 30 and November 3.

Volumes were also down - from 33,997 tonnes on November 3 to 30,044 tonnes. 

Skimmed milk powder (SMP) and whole milk powder (WMP) were the main drivers of today's GDT Price Index decrease, falling 8.1% and 11% respectively.

Average prices for anhydrous milk fat (AMF), butter milk powder (BMP), Cheddar, lactose and rennet casein also fell.

Only the average price of butter, which is offered on GDT by DairyAmerica and Fonterra, increased. 

Seven sellers - Amul (India), Arla Foods (Denmark), Arla Foods Ingredients (Denmark), DairyAmerica (USA), Euroseum (France), Fonterra (New Zealand) and Murray Goulburn (Australia) - currently offer product at the Fonterra-owned auction platform.

Prior to the recent downturn, the GDT Price Index rose 52.1% over four auctions - 9.9% on October 6, 16.5% on September 15, 10.9% on September 1, and 14.8% on August 18.  

This, however, followed a run of ten consecutive falls in the GDT Price Index.