Based on the most recent Global Dairy Trade (GDT) event, the GDT price index
dropped 0.8 percent from the previous event to $4,041 per metric ton (MT).
Aside from Cheddar, all dairy products were down from the prior session. In the
same timeframe, global Cheddar prices increased by 2.2 percent from $4,709 to
$4,814 per MT as domestic inventories tighten. Mozzarella decreased 9.6
percent to $3,860 per MT. Butter prices fell 0.8 percent from session to session
to $6,892 per MT, continuing a downward trend that started at the end of June
as butter inventories increased due to increased milk supply.