Ag Smarter - GDT Review: GDT Surges Again: Powders Converge, Mexico Steps Up, and Cheese Finds an Export Floor
The Global Dairy Trade index climbed another 5.7%, marking the fifth consecutive higher auction. Mozzarella jumped 8% to $1.90, butter and AMF posted solid gains, and skim milk powder surged over 9%—but regional buying shifts tell the deeper story.
With US nonfat prices previously outpacing global markets, Mexico emerged as a key buyer on the GDT scene. Southeast Asia stepped back, suggesting international price convergence. Is CME powder running out of momentum? Will Mexico remain the swing buyer?
Meanwhile, EU mozzarella prices rose to levels that put CME cheese prices within export contention. With heavy US milk and cheese production, global sales are critical to keeping the US cheese market balanced.
Cody and Jon break down the numbers, the nuance, and what to watch heading into the next GDT.
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