The latest GDT auction eased 1.1%, held up by a 16.5% jump in cheddar.

NZX Head of Dairy Insights Cristina Alvarado says the demand came from an unusual quarter.

“The biggest demand came from the African region for cheddar,” she says.

“Africa doubled their participation in this event.”

Cheddar averaged US$4,075 a tonne. Skim milk powder edged up 0.1% to $3,675, moving above whole milk powder, which fell 0.8%.

Alvarado says the flip reflects protein demand, with skim milk powder carrying more protein and less fat than whole milk powder.

“We were expecting a drop, and we were expecting it to be mild,” she says.

Butter fell 5.7%.

The NZX milk price calculator sits at $10.25.

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