International dairy volumes rise, prices ease at auction

The GDT Price Index rose 0.6%
calendar icon 7 December 2022
clock icon 1 minute read

International milk prices fell while volumes rose in this month's first Global Dairy Trade (GDT) auction on Tuesday, reported Reuters.

The GDT Price Index rose 0.6%, with an average selling price of $3,610 per tonne. The index gained 2.4% at the previous auction held in November, according to GDT Events.

A total of 29,570 tonnes of dairy products were sold at the latest auction, up about 2% 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 Dec. 20.

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