Strong Results at GDT Auction

Although there is a long way to go, dairy markets seem a lot more positive than a month ago.  Domestically price change announcements are in the right direction and commodity prices have been steadily moving up.  The latest Global Dairy Trade (GDT) (seen as the barometer for commodity markets) held on 2nd August confirms this trend.  The average price index rose by 6.6% to $2,436 compared to the previous auction.  All products recorded and increase except for cheddar (-0.8%).  WMP performed particularly well, increasing by 9.9%.  Although it has to be noted that volumes on offer were low for the first week in August, only 34.9k tonnes (30% less than the five year average).  The average price is now roughly where we started the year.