Global Dairy Price Index up by 2.8% on April 2nd 24
Global Dairy Trade Event 353 concluded with the GDT Price Index up 2.8%. This rise has occurred after two consecutive drops.
While there has been an uptick in the GDT price index, it remains insufficient to address the substantial stockpiles of SMP in India. Presently, SMP prices in India hover around Rs 220-270 per kg, slightly higher than the global prices, which stand at approximately Rs 210. Conversely, international butter prices are notably robust at Rs 540 per kg, in stark contrast to Indian butter prices ranging from Rs 320 to Rs 360 per kg. Indian exporters should capitalize on this opportune moment to seek butter fat buyers for their produce. However, trading volumes in this regard have been relatively low, indicative of subdued global demand for dairy ingredients. A comparison of the weighted average winning prices in the USA and Oceania with the GDT price index reveals insights into potential price trends. Cheddar cheese, WMP, and butter spearheaded price increases during the current GDt event.
- a table containing current market prices in Oceania, in USA, the latest auction results and historical weighted average prices of previous auctions (all prices are in US$);Courtesy Clal
Key Results*
AMF index up 2.3%, average price US$6,934/MT (IRs 561/MT)
Butter index up 3.1%, average price US$6,592/MT (IRs 540/MT)
BMP index down 0.5%, average price US$2,496/MT (IRs 204/MT)
Ched index up 4.1%, average price US$4,340/MT (IRs 356/MT)
LAC index down 3.1%, average price US$753/MT (IRs 62/MT)
SMP index up 1.4%, average price US$2,550/MT (IRs 210/MT)
WMP index up 3.4%, average price US$3,246/MT (IRs 266/MT)