Dairy prices ease, volumes down at auction- GDT events
The GDT Price Index was down 3.8%m
21 December 2022
1 minute read
By: International milk prices and volumes fell in this month's second Global Dairy Trade (GDT) auction on Tuesday, reported Reuters.
The GDT Price Index was down 3.8%, with an average selling price of $3,493 per tonne. The index gained 0.6% at the previous auction held on Dec. 6, according to GDT Events.
A total of 28,724 tonnes of dairy products were sold at the latest auction,down about 2.8% from the previous sale, the auction platform said on its website.
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, held twice a month, with the next one scheduled for Jan. 3, 2023.
