GDT Review: Global Dairy Trade Rises 2.3% as China Returns to the Market

As you noted there,

2.3% higher.

Kind of a mixed bag out here to get to that higher one, but definitely some featured trades out here.

Let's start on the fat side.

That was on the more negative end of things.

Butter today coming out.

2.1% lower and, excuse me, 2.6% lower on an average price of $2.31. AMF, it moved as well by 5.9% lower.

bringing it to an average price of about $2.72 a pound.

So both prices still well above U.S. fat prices, but continuing to come down.

And I guess just looking at both of those on the butter side of things, we've been moving lower here since the beginning of June.

And when we go to the AMF side of things, that price has been moving lower since about the beginning of June as well.

So just a continued trek lower to New Zealand fat prices, both of which are well

above U.S. and European fat prices.

When we go over to the cheese side, I think this is more of a bit of a mixed bag in here.

Cheddar cheese.

up 0.6% and coming in at $1.70.

If you remember correctly, over the course of the last few auctions, we've seen that cheddar price continue to drag lower.

If we go again, going back to the beginning of June, it just dropped like a rock and for three auctions in a row.

And the last two auctions we've increased, but just slightly to rebound out of there.

That is $1.70. Go back in time, that New Zealand cheddar price was up in the 220s.

It has really come down to earth.

And in fact, for a moment in time there, I believe that New Zealand cheddar was actually the cheapest cheese in the world.

So it had transitioned from the highest to the lowest.

Now the CME responded to today's action on

the GDT by edging a little bit lower.

As you noted there,

2.3% higher.

Kind of a mixed bag out here to get to that higher one, but definitely some featured trades out here.

Let's start on the fat side.

That was on the more negative end of things.

Butter today coming out.

2.1% lower and, excuse me, 2.6% lower on an average price of $2.31. AMF, it moved as well by 5.9% lower.

bringing it to an average price of about $2.72 a pound.

So both prices still well above U.S. fat prices, but continuing to come down.

And I guess just looking at both of those on the butter side of things, we've been moving lower here since the beginning of June.

And when we go to the AMF side of things, that price has been moving lower since about the beginning of June as well.

So just a continued trek lower to New Zealand fat prices, both of which are well

above U.S. and European fat prices.

When we go over to the cheese side, I think this is more of a bit of a mixed bag in here.

Cheddar cheese.

up 0.6% and coming in at $1.70.

If you remember correctly, over the course of the last few auctions, we've seen that cheddar price continue to drag lower.

If we go again, going back to the beginning of June, it just dropped like a rock and for three auctions in a row.

And the last two auctions we've increased, but just slightly to rebound out of there.

That is $1.70. Go back in time, that New Zealand cheddar price was up in the 220s.

It has really come down to earth.

And in fact, for a moment in time there, I believe that New Zealand cheddar was actually the cheapest cheese in the world.

So it had transitioned from the highest to the lowest.

Now the CME responded to today's action on

the GDT by edging a little bit lower.