The final Global Dairy Trade auction of 2025 closed with another broad-based pullback, as the GDT index fell roughly 4.5%—marking the ninth consecutive lower auction. While mozzarella stood out with a nearly 7% gain and cheddar finished unchanged, losses in whole milk powder, skim milk powder, butter, and AMF weighed heavily on the overall result.

In this episode, Cody Koster and John Spainhower break down why today’s auction was “lower, but not as bad as expected” in some categories, how futures stacked up against reality, and what surprised markets most—particularly the downside move in skim milk powder. They also dig into regional buying behavior, including China’s return to more typical volumes and the noticeable pullback from Southeast Asia and the Middle East.

The conversation wraps with a big-picture look at the global dairy landscape, where expanding milk production across the U.S., EU, New Zealand, and South America continues to pressure prices—despite growing global cheese demand. With supply firmly in the driver’s seat, the team discusses what it may take to rebalance markets as we head into 2026.

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