Dairy volumes rise, prices fall at auction- GDT events
The GDT Price Index fell 4.1%
6 July 2022
1 minute read
International milk prices fell, while volumes rose in this month's first Global Dairy Trade auction held by GDT Events, reported Reuters.
The GDT Price Index fell 4.1%, with an average selling price of $4,360 per tonne, in the auction held on Tuesday.
The index fell 1.3% at the previous sale, according to GDT Events.
A total of 23,461 tonnes was sold at the latest auction, rising about 13% from the previous one, the auction platform said on its website.
The auctions are held twice a month, with the next one scheduled for 19 July.
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
