Dairy prices, volumes fall at auction - GDT events

The GDT Price Index was down 4.7%
calendar icon 5 April 2023
clock icon 1 minute read

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

The GDT Price Index was down 4.7%, with an average selling price of $3,227 per tonne. The index was down 2.6% at the previous auction held on March 21, with an average selling price of $3,361, according to GDT Events.

A total of 23,828 tonnes of dairy products were sold at the latest auction, down about 11.1% from the previous sale, the auction platform said on its website.

The auction results could affect the New Zealand dollar NZD= 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 18.

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