Dairy volumes, prices rise at November auction - GDT events
The GDT Price Index rose 2.4% from the November 1 auction
17 November 2022
1 minute read
By: International milk prices and volumes rose in this month's second Global Dairy Trade (GDT) auction on Tuesday, reported Reuters.
The GDT Price Index rose 2.4% from the auction on November 1, with an average selling price of $3,623 per tonne. The index lost 3.9% at the previous sale, according to GDT Events that holds the auctions.
A total of 28,980 tonnes of dairy products were sold at the latest auction, up about 0.4% 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 December 6.
