Dairy prices, volumes rise at auction - GDT events
The GDT Price Index was up 2.5%International milk prices and volumes rose in this month's Global Dairy Trade (GDT) auction on Tuesday, according to Reuters.
The GDT Price Index was up 2.5%, with an average selling price of $3,506 per tonne. The index was rose 3.2% at the previous auction held on April 18, with an average selling price of $3,362, according to GDT Events.
A total of 23,265 of dairy products were sold at the latest auction, up about 2.4% from the previous sale, the auction platform said.
The 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, which is held twice a month, with the next one scheduled for May 16.