Global dairy prices unchanged, volumes drop at auction

The GDT Price Index remained flat
calendar icon 21 June 2023
clock icon 1 minute read

International milk prices were unchanged while volumes fell on Tuesday in the second Global Dairy Trade (GDT) auction of the month, reported Reuters.

The GDT Price Index remained flat, with an average selling price of $3,479 per tonne. The index fell 0.9% at the previous auction held on June 6, with an average selling price of $3,399, GDT Events said.

A total of 20,372 metric tonnes of dairy products was sold at the latest auction, down about 11.9% 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 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 scheduled for July 4.

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