The latest Global Dairy Trade main auction recorded a 3.0% increase in the GDT Price Index, extending the recovery from Event 414. SMP crossed USD 4,100/MT, WMP approached USD 4,000/MT, and both major cheese categories strengthened. Butter and AMF, however, declined further.
Commodity prices — Event 415
Source: GDT-sourced Event 415 results, dated 3 November 2026.
Most important implication for India
SMP at USD 4,109/MT is the strongest signal for Indian dairy processors. It improves the international reference price for Indian SMP exports, particularly as domestic milk procurement moves towards the flush season. Actual export competitiveness will still depend on procurement costs, exchange rates, freight and product specifications.
Interestingly, the SMP premium over WMP has narrowed from USD 215/MT in Event 414 to USD 138/MT, as WMP gained faster than SMP. This suggests broader strengthening across milk powders rather than an SMP-only rally.
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Meanwhile, the continued decline in international butter and AMF prices reinforces the divergence between milk solids and milk fat.
Verification note: The official GDT results page was checked, but its dynamically rendered numerical fields were not readable through the available text interface. The figures above were cross-checked against two matching GDT-derived reports, including one explicitly attributed to USDA AMS; direct numerical verification from the official GDT/NZX display remains incomplete.
Sources: Official GDT results · analysed by Kuldeep Sharma Chief Editor Dairynews7x7
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