Dairy prices ease, volumes rise at auction - GDT events

The GDT Price Index was down 2.8%
calendar icon 3 January 2023
clock icon 1 minute read

International milk prices and volumes fell in this month's first Global Dairy Trade (GDT) auction on Tuesday, reported Reuters.

The GDT Price Index was down 2.8%, with an average selling price of $3,365 per tonne. The index lost 3.8% at the previous auction held on Dec. 20, according to GDT Events.

A total of 33,478 tonnes of dairy products were sold at the latest auction, up about 16.5% from the previous sale, the auction platform said on its website.

The auction results could 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 Global Dairy Trade auction, held twice a month, with the next one scheduled for Jan. 17, 2023.

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