Dairy prices fall as volumes rise at auction- GDT events
The GDT Price Index was down 4.3%
2 August 2023
1 minute read
By: International milk prices fell while volumes were up at this month's first Global Dairy Trade (GDT) auction on Tuesday, reported Reuters.
The GDT Price Index was down 4.3%, with an average selling price of $3,100 per metric ton. The index fell 1% at the previous auction on July 18, with an average selling price of $3,289, according to GDT Events.
A total of 32,613 tons of dairy products were sold at the latest auction, up about 25.6% 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 Aug. 15.
