Global dairy prices slip, volumes rise at auction

The GDT Price Index dropped 3.3%
calendar icon 5 July 2023
clock icon 1 minute read

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

The GDT Price Index dropped 3.3%, with an average selling price of $3,334 per tonne. The index remained flat at the previous auction held on June 20, with an average selling price of $3,479, GDT Events said.

A total of 24,837 metric tonnes of dairy products was sold at the latest auction, up about 21.9% 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 July 18.

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