For the 11 consecutive twice monthly auction, the Global Dairy Trade (GDT) event in New Zealand reached plus territory today. The index increased 0.4 percent from the last event at $3,490 per ton. Volume was also low, with just 15,375 metric tons of dairy products changing hands. Gains by rennet casein, up 3.1 percent, skim milk powder, up 2.8 percent, and anhydrous milk fat, up 1.4 percent offset declines in other categories including butter milk powder, down 10.3 percent.
On the Chicago Mercantile Exchange milk futures closed lower Tuesday despite strength in the cash prices as trade tensions with China weigh on markets. May Class III milk down a nickel at $16.45. June down seven cents at $16.55. July 11 cents lower at $16.69. August down a dime at $16.99. September through January contracts were one to eight cents lower.
Dry whey unchanged at $0.3475. Blocks up $0.0075 at $1.7075. Seven trades were made ranging from $1.6975 to $1.7075. Barrels up $0.04 at $1.74. Two trades were made ranging from $1.7275 to $1.74. Butter up $0.0125 at $2.2950. One trade was made at that price. Nonfat dry milk up $0.0075 at $1.06