Dairy prices fall as volumes rise at auction- GDT events

The GDT Price Index was down 4.3%
calendar icon 2 August 2023
clock icon 1 minute read

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.

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