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GDT Price Index takes a step up
Thursday, 9 February 2023
After a steady decline in pricing on the GDT auction since October last year, the overall price index increased by 3.2% at the latest event (Tuesday 7 February 2023). Price increases were recorded for almost all contracts, with only a couple of exceptions on nearby SMP and Cheddar contracts. Overall, all product prices moved up, or remained unchanged, on average.
Total volumes sold also increased, but prices were bid up on the back of increased activity as buyers return to the market after a quiet January.
The fats categories of butter and AMF saw the biggest moves, with average prices up by 6.6% and 4.8% respectively from the previous event.
Whole milk powder, which dominated sales with over 50% of the volume, increased by 3.8% to USD$3,329/tonne. While a good result for WMP, the average price is still 23% below where it was at the beginning of February last year.
Skim milk powder was less in demand, with the average price on contracts for delivery in March and April down by 0.5%. There were small increases in average prices on other contracts, but overall, the weighted average price remained at USD$2,829/tonne.
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