For the first time since November, world dairy prices slid backwards, dipping 1.2% in the aggregate on Global Dairy Trade auction in New Zealand today.
Volume was very light, with just 15,510 metric tons changing hands.
But it wasn’t all doom and gloom. Cheddar cheese shot up 15.2% to $ 2.20/lb. Skim milk powder (SMP) was up 0.5% to 1.15/lb. Butter, however, did slide back to $ 2.40/lb, a drop of 3.2%. Whole milk powder also declined 2.1% to $ 1.44/lb.
U.S. prices for butter, cheese and SMP are still competitive with these world prices. U.S. whole milk powder, ranging in price from $ 1.60 to $ 1.70/lb, is not.