Global dairy prices slip 5% in third fall

Dairy prices slid nearly 5% in the largest decline in two years on the Global Dairy Trade (GDT) auction.

The drop to an average price of $US3793 ($NZ6682) a tonne was the third fall since May 19.

GDT prices had risen marginally in two May auctions before another pair of easing markets.

Cheddar experienced the largest decline by 12.3% to an average price of US$3900/t ($NZ6871/t) in the latest auction on Tuesday.

Skim milk powder was back 7% and the key ingredient of whole milk powder was down 4.4%.

Also falling were anhydrous milk fat by nearly 4%, butter 5% and lactose 3.6%.

Going against the falling tide was butter milk powder, rising 8.2% to $US3786/t ($NZ6669/t) and mozzarella lifted 3.8% to $US3897/t ($NZ6865/t).

Just under 150 bidders competed for 26,300 tonnes of dairy products.