Global dairy prices fall as volumes rise - GDT Events
The GDT Price Index was down 0.9%
7 June 2023
1 minute read
By: International milk prices fell and volumes rose on Tuesday in the first Global Dairy Trade (GDT) auction of the month, reported Reuters.
The GDT Price Index was down 0.9%, with an average selling price of $3,399 per tonne. The index also fell 0.9% at the previous auction held on May 16, with an average selling price of $3,488, GDT Events said.
A total of 23,119 metric tonnes of dairy products was sold at the latest auction, up about 7.2% 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 June 20.
