Dairy prices fall, volumes rise at auction - GDT events
The GDT Price Index was down 2.6%
21 March 2023
1 minute read
By: International milk prices fell while volumes were up at this month's second Global Dairy Trade (GDT) auction on Tuesday, according to Reuters.
The GDT Price Index was down 2.6%, with an average selling price of $3,361 per tonne. The index was down 0.7% at the previous auction held on March 7, with an average selling price of $3,403, according to GDT Events.
A total of 26,795 tonnes of dairy products were sold at the latest auction, up about 0.2% 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's 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 April 4.
