GDT Events: Dairy prices fall, volumes drop at auction

The GDT Price Index dropped 1.5%
calendar icon 22 December 2021
clock icon 1 minute read

International milk prices fell while volumes dropped in this month’s second Global Dairy Trade auction held by GDT Events, reported Reuters. 

The GDT Price Index dipped 1.5%, with an average selling price of $4,236 per tonne, in the auction held on Tuesday.

The index rose 1.4% at the previous sale, according to GDT Events.

A total of 30,375 tonnes was sold at the latest auction, falling 2.3% from the previous one, the auction platform said on its website.

The auctions are held twice a month, with the next one scheduled for 4 January.

The auction results can affect the New Zealand dollar as the dairy sector generates more than 7% of the nation's gross domestic product.

The New Zealand milk co-operative, which is owned by about 10,500 farmers, controls nearly a third of the world dairy trade.

GDT Events is owned by New Zealand’s Fonterra Co-operative Group Ltd, but operates independently from the dairy giant.

US-listed CRA International Inc is the trading manager for the twice-monthly Global Dairy Trade auction.

Source: Reuters

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