Dairy prices fall, volumes rise at auction - GDT events

The GDT Price Index was down 2.6%
calendar icon 21 March 2023
clock icon 1 minute read

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.

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