After five consecutive increases, the Global Dairy Trade (GDT) price index recorded its first fall since March 2024, dropping 0.5% at the latest trading on Tuesday.

The price index now stands at 1157, having slipped from 1162 at the previous GDT trading event on June 4.

Some 16,787m tonnes was sold at an average price of $3893 per mt at the 358th event against $3824/mt at the previous event.

The price index of butter recorded the biggest increase rising 6.2% to $7350/mt, with lactose improving 1.9% to $801/mt.

More Business News | Increased production sees record global supplies of soybean

Skim milk powder (SMP) rose slightly by 0.7% to $2766/mt while the other products offered – anhydrous milk fat, cheddar and whole milk powder (WMP) saw a drop in price index.

WMP declined the most, down 2.5% to $3394/mt, while anhydrous milk fat and cheddar dropped 1.2% to $7317/mt and 1% to $4205/mt, respectively.

The event saw 159 participating bidders, of which 106 were winning bidders across 21 bidding rounds and a total duration of two hours and 52 minutes.