Global dairy prices fall as volumes rise - GDT Events

The GDT Price Index was down 0.9%
calendar icon 7 June 2023
clock icon 1 minute read

International milk prices fell and volumes rose on Tuesday in the first Global Dairy Trade (GDT) auction of the month, reported Reuters.

The GDT Price Index was down 0.9%, with an average selling price of $3,399 per tonne. The index also fell 0.9% at the previous auction held on May 16, with an average selling price of $3,488, GDT Events said.

A total of 23,119 metric tonnes of dairy products was sold at the latest auction, up about 7.2% 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 June 20.

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