Over the duration of Q4 the index has fallen 4%, but has gained 8.3% over the duration of the second half of the year.
At the end of Q4 prices for all commodities fell compared to the previous quarter except for anhydrous milk fat (8.4%), lactose (8.5%) and rennet casein (28.1%).
Butter was down -0.3%, cheddar -11.3%, skimmed milk powder -5.4% and whole milk powder -5.5%.
Prices for WMP (the key product traded on GDT) ended the quarter with the only gain in prices compared to Q4 2014, up 6.3%.
Compared to Q4 2014 the other products made the following price index declines: AMF -6.6%, butter -0.1%, BMP -41.2%, cheddar -4.8%, rennet casein -24.5%, SMP -16.8%.
The report said that bidder participation remained fairly steady compared to the previous quarter. Over the previous 12 months SMP and WMP attracted the most participating and winning bidders, it said.
First round demand and average offer quantity have both been lower for Q4 2015 compared to the previous four Q4's. The report said that bid ratios (first round demand over the total quantity on offer for the auction) continued a slow recovery over the last two quarters of 2015, but remain under the average of 2.4 over the period 2010-2013.
Download the GDT Quarterly – December 2015 report here
