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GDT auction plummets as world dairy over-supply continues
Wednesday, 3 December 2025
The latest GDT (Global Dairy Trade) auction results made for grim reading. The auction, which is New Zealand based but a barometer of global dairy sentiment, fell by an average of 4.3% since the previous auction, the biggest single fall since early September and concludes a run of 8 consecutive declines.
Whilst most products saw some falls the charge was led by butter which fell by an enormous 12.4% to take the average weighted price to US$5,169/tonne. In today’s exchange rate that would equate to £3,886 and would drag the ailing butter market further downwards since last week’s UK wholesale survey which had butter at £4,290. AMF followed suit on fats losing 9.8%.
Powders lost value but in a more pedestrian fashion, losing 2.4% on WMP and 1.6% SMP.
The one ray of sunshine was cheddar which saw a surprise bounce of 7.2% to sit at $4,639 which will come as slight relief to beleaguered cheesemakers. However, there was not much trade done at this level.
Increasing global dairy milk supplies and product stocks are weighing heavily on prices currently.
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