Dairy prices rise, volumes fall at auction - GDT events

The GDT Price Index was up 3.2%
calendar icon 19 April 2023
clock icon 1 minute read

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

The GDT Price Index was up 3.2%, with an average selling price of $3,362 per tonne. The index was down 4.7% at the previous auction held on April 4, with an average selling price of $3,227, according to GDT Events.

A total of 22,713 tonnes of dairy products were sold at the latest auction, down about 4.7% from the previous sale, the auction platform said on its website.

The auction results could affect the New Zealand dollar as themdairy 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's 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 May 2.

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