In the first Global Dairy Trade (GDT) auction of 2024, milk prices began positively, registering a 1.2% increase in the overall average index price. The average price on January 2 reached US$3363 per tonne, with whole milk powder experiencing a notable 2.5% rise, reaching US$3290. However, results were mixed across other categories, including gains in anhydrous milk fat (AMF) at 0.2% and butter at 2.1%, alongside declines in cheddar (2.4%), skim milk powder (SMP) (0.9%), lactose (5%), and buttermilk powder (0.1%). While these results fell short of SNX-NZX derivatives market expectations, market activity tends to be subdued at this time of year. Fonterra maintained its 12-month GDT volumes forecast, though volume figures were lower than the previous year. The top buyers varied across regions, with North Asia, Southeast Asia/Oceania, and the Middle East leading in different product categories. Analysts are eager to observe the price trajectory in upcoming GDT events in 2024.