# SMP reaches its highest GDT price since June 2022

> At the Global Dairy Trade auction on Tuesday, SMP prices rose 3.1% to their highest level since June 2022, and whole milk powder jumped 5.9%. Butter fell another 4.7% and AMF lost 3.2%, both below futures pricing, with butter stocks high in every main exporting region.

- Date: 2026-11-05 · published 2026-11-05T18:14:42.411Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/82182-smp-reaches-its-highest-gdt-price-since-june-2022
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Lower skim output for SMP as milk goes into fresh products and other uses tightens powder supply, supporting dairy protein prices for feed-ingredient buyers. High butter stocks and cheap US butter keep fat-side prices under pressure.

## Read by commodity

- MILK: bullish ▲

## Sources

- vespertool.com: https://vespertool.com/news/smp-hits-a-gdt-high-not-seen-since-2022-while-butter-slides/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.