A third consecutive drop in the Global Dairy Trade (GDT) price index was witnessed at the second event of 2023 which saw a fall of 0.1%.

The average quality sold was 31,872mt with the 324th event seeing an average price for products of $3393/mt.

At the first auction of 2023 the index fell by 2.8%, following a 3.8% decline in December 2022.

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Cheddar saw the biggest price index rise at 4%, to average $4871/mt. The price index of whole milk powder (WMP) rose slightly by 0.1% to level at $3218/mt. There was no sweet whey powder on offer.

Butter, skimmed milk powder (SMP),and anhydrous milk fat saw a decline of 0.6% to level out at $4449/mt; 0.3% to $2842/mt; and 0.9% to $5337/mt respectively.

Some 164 bidders participated in the event, which included 127 winning bidders across 17 rounds over a duration of two hours and 25 minutes.