Weak euro masks continuing dairy market weakness

Dairy markets remain depressed right now.

Prices have fallen in the last four successive rounds of the Global Dairy Trade (GDT) auction, the now widely recognised benchmark for international dairy market prices.

Following an upturn in GDT prices earlier in the year which caused some people to dismiss forecasts of a steep reduction in prices in 2015, the cumulative fall in prices in recent weeks is close to 30%, completely reversing those gains made in dairy commodity prices earlier in the year.