Dairy prices, volumes rise at auction - GDT Events
The GDT Price Index rose 3.2%
8 February 2023
1 minute read
By: International milk prices and volumes rose in this month's first Global Dairy Trade (GDT) auction on Tuesday, reported Reuters.
The GDT Price Index was up 3.2%, with an average selling price of $3,456 per tonne. The index lost 0.1% at the previous auction held on Jan. 17, when the average selling prices was $3,393 per tonne, GDT Events said.
A total of 32,582 tonnes of dairy products were sold at the latest auction, up about 2.2% 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 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 Feb. 21, 2023.
