Global dairy prices, volumes rise at auction

The GDT Price Index was up 2.7%
calendar icon 7 September 2023
clock icon 1 minute read

International milk prices and volumes rose at this month's first Global Dairy Trade (GDT) auction, reported Reuters

The GDT Price Index was up 2.7%, with an average selling price of $2,888 per tonne. The index fell 7.4% at the previous auction on Aug 15, with an average selling price of $2,875, according to GDT Events.

A total of 37,729 tonnes of dairy products were sold at the latest auction, up about 12.4% 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 Sept. 19.

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