— Tom Clayton, Economic Calendar
Dairy product prices dropped slightly at Tuesday's Global Dairy Trade auction, the first decrease after six consecutive gains. The GDT Price Index fell 0.8%, following a rise of 0.6% posted at the preceding auction. According to data published, there were 111 winning bidders, while the event lasted about three hours. Some 21 million tonnes of dairy products were sold. That was 3.8% less than at the previous auction held two weeks ago. The price of skimmed milk powder advanced 1.4% to $2,218 per tonne, whereas the price of whole milk powder dropped 3.3% to $3,022 per tonne. Prices of butter climbed 2.9% to $5,768 per tonne, while the cheddar price declined 3.8% to $4,121 per tonne. The price of lactose plunged 11.1% to $869 per tonne, whereas the rennet casein price dropped 8.0% to $6,104 per tonne. Meanwhile, butter milk powder was not traded at the auction. Despite the latest auction's drop, dairy product prices remained above their December highs. According to analysts, it will be highly crucial to keep prices in the following support area through the winter in order to support the underlying outlook.
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