Dairy volumes, prices rise at November auction - GDT events

The GDT Price Index rose 2.4% from the November 1 auction
calendar icon 17 November 2022
clock icon 1 minute read

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.

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