Dairy prices, volumes rise at auction - GDT events

The GDT Price Index was up 2.5%
calendar icon 3 May 2023
clock icon 1 minute read

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.

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