Global Dairy Prices Extend Rally on Broad-Based Gains

The Global Dairy Trade Price Index rose 3.6% to an average of $4,028 per tonne in the two weeks ending February 17, 2026, building on a 6.7% increase in the prior period. The latest advance marked a fourth consecutive gain, supported by broad-based strength across key products. Butter led the rise with a 10.7% increase, followed by lactose (7.8%), mozzarella (5.0%), anhydrous milk fat (3.8%), skim milk powder (3.0%), and whole milk powder (2.5%). In contrast, cheddar prices edged down 1.0%, partially offsetting the overall gains.

The Global Dairy Trade (GDT) Price Index rose 1.5% to an average of $3,615 per tonne in the two weeks ending January 20, 2026, building on a 6.3% increase in the previous period. This marked a second consecutive rise, driven primarily by higher prices for anhydrous milk fat (+3.0%), skim milk powder (+2.2%), butter (+2.1%), and whole milk powder (+1.0%). In contrast, prices declined for Mozzarella (-2.3%), lactose (-1.8%), and cheddar (-1.4%).

The Global Dairy Trade (GDT) Price Index dropped 4.3% to an average of $3,507 per tonne in the two weeks ending December 2, following a 3.0% decline in the previous period. This marks the eighth consecutive decrease and the steepest fall since early September, driven mainly by weaker butter (-12.4%) and anhydrous milk fat (-9.8%) prices. Other declines were seen in whole milk powder (-2.4%), skim milk powder (-1.6%), and mozzarella (-1.0%), while gains were recorded for cheddar (+7.2%), lactose (+4.2%), and butter milk powder (+1.8%).