World dairy prices slump in the first trading of the year
© John Eveson/FLPA / imageBROKER/Rex Shutterstock World dairy prices have fallen in the first Global Dairy Trade (GDT) commodity auction of 2016.
The GDT price index fell 1.6% at the 5 January sale, with the weighted average price hitting USD$2,458/t (£1,678/t).
Key products skim and whole milk powder and anhydrous milk fat all fell – by 0.8%, 4.4% and 2.7% respectively.
See more: Outlook 2016: Predictions for the dairy farming sector
All other products saw improvements, with the price of lactose increasing the most, with an 11.4% rise.
The tonnage sold, however, was up just over 3% from the previous fortnightly sale to 25,671t, but was down almost 24% on the same time last year, when it was 33,669t.
This time last year, prices on the GDT were 9.3% lower than the sale this week, at $2,709/t (£1,849/t).