Exchange-traded dairy prices rise for the first time in six months

Exchange-traded dairy prices moved higher for the first time in six months, with the Global Dairy Trade (GDT) Price Index posting a sharp increase at the first auction of 2026 held on January 6. The index rose by 6.3% to $3,530 per tonne, marking its first gain since July 2025.

According to the analytical service of the Union of Dairy Enterprises of Ukraine, prices increased across all dairy products, though unevenly, with the strongest gains seen in milk powders and dairy fat. In particular:

• Butter rose by 3.8% to $5,200 per tonne (€4,460);

• Dairy fat increased by 7.4% to $6,000 per tonne (€5,150);

• Cheddar cheese edged up by 0.6% to $4,670 per tonne (€4,000);

• Mozzarella cheese gained 0.7% to $3,410 per tonne (€2,920);

• Whole milk powder climbed by 7.2% to $3,410 per tonne (€2,920);

• Skim milk powder rose by 5.4% to $2,560 per tonne (€2,200).

“As a result, cheese prices remained virtually unchanged, while butter, dairy fat and milk powder prices returned to early December levels. Prices for skim milk powder are now higher than a month ago,” the union said.

Experts noted that the strong rise in the index (+6.3%) was largely driven by the significant share of milk powder—especially whole milk powder—in total traded volumes, which were considerably lower than at previous auctions.

“Trading volumes for butter and cheeses were relatively small, meaning the price indicators may not be fully representative. Prices for the second and third butter contracts were below the first contract price, which may indicate market participants’ uncertainty about further price increases for butter,” analysts added.

In total, 29.3 thousand tonnes of dairy products were sold at the auction, with 177 bidders participating. The weighted average price across all products amounted to $3,533 per tonne.

Tags: prices, Milk, Dairy