Dairy volumes ease at auction, prices climb - GDT events
The GDT Price Index was down 0.1%
18 January 2023
1 minute read
By: International milk prices edged up but volumes fell in this month's second Global Dairy Trade (GDT) auction on Tuesday, reported Reuters.
The GDT Price Index was down 0.1%, with an average selling price of $3,393 per tonne. The index lost 2.8% at the previous auction held on Jan. 3, the average selling prices being $3,365 per tonne, according to GDT Events.
A total of 31,872 tonnes of dairy products were sold at the latest auction, down about 4.8% 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 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 Feb. 7, 2023.
