GDT Events: Dairy prices fall, volumes drop at auction
The GDT Price Index dropped 1.5%
22 December 2021
1 minute read
International milk prices fell while volumes dropped in this month’s second Global Dairy Trade auction held by GDT Events, reported Reuters.
The GDT Price Index dipped 1.5%, with an average selling price of $4,236 per tonne, in the auction held on Tuesday.
The index rose 1.4% at the previous sale, according to GDT Events.
A total of 30,375 tonnes was sold at the latest auction, falling 2.3% from the previous one, the auction platform said on its website.
The auctions are held twice a month, with the next one scheduled for 4 January.
The auction results can 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 twice-monthly Global Dairy Trade auction.
Source: Reuters
