Cheese, Powder Shoot Up on World Markets
September 15, 2020
Cheese prices shot up 7.2%% to $1.67/lb on today’s Global Dairy Trade Auction in New Zealand. Overall, prices jumped 3.6% on heavy trading, with nearly 75 million pounds of product changing hands.
Today’s auction marks the first time since early July that global prices, in the aggregate, reached positive territory. Even with these price gains, only U.S. skim milk powder is competitive globally.
Skim milk powder was up even more than butter, +8.4%, to $1.31/lb while whole milk powder gained 3.2% to $1.35/lb.
Only butter, down 1.4% to $1.49/lb and lactose, down 2.7% to 58₵/lb, were down.