Dairy prices, volumes fall at auction - GDT events
The GDT Price Index was down 1.5%
21 February 2023
1 minute read
By: International milk prices and volumes fell at this month's second Global Dairy Trade (GDT) auction on Tuesday, reported Reuters.
The GDT Price Index was down 1.5%, with an average selling price of $3,414 per tonne. The index was up 3.2% at the previous auction held on Feb. 7, when the average selling price was $3,456 per tonne, according to GDT Events.
A total of 30,693 tonnes of dairy products were sold at the latest auction, down about 5.8% 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 March 7, 2023.
