This week’s Global Dairy Trade auction finished 2.4% lower, with the biggest pressure coming from fats: AMF fell 5% and butter dropped 7.6%, both well below expectations. Whole milk powder and skim landed close to forecasts, while mozzarella slipped below $1.50 and cheddar continued its gradual decline.

Cody Koster and Jon Spainhour also highlight notable regional shifts, including stronger buying from the Middle East and Africa, softer demand from Southeast Asia, and China maintaining steady but seasonally slower activity. Jon closes by explaining why auctions are moving faster, with fewer rounds and shorter intervals than usual

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