Global dairy prices rise, volumes drop at auction
The GDT Price Index was up 4.6%
20 September 2023
1 minute read
By: International milk prices rose while volumes dropped in this month's second Global Dairy Trade (GDT) auction on Tuesday, reported Reuters.
The GDT Price Index was up 4.6%, with an average selling price of $2,957 per metric ton. The index rose 2.7% at the previous auction held on Sept. 5, with an average selling price of $2,888, according to GDT Events.
A total of 37,366 tons of dairy products were sold at the latest auction, down about 1% from the previous sale, the auction platform said.
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, which is held twice a month, with the next one scheduled for Oct. 3.
