Dairy prices, volumes fall at auction

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Dairy prices, volumes fall at auction - GDT events

Published Mar 07, 2023 09:48AM ET Updated Mar 07, 2023 09:53AM ET

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Dairy prices, volumes fall at auction - GDT events

(Reuters) - International milk prices and volumes fell at this month's first Global Dairy Trade (GDT) auction on Tuesday.

The GDT Price Index was down 0.7%, with an average selling price of $3,403 per tonne. The index was down 1.5% at the previous auction held on Feb. 21, when the average selling price was $3,414 per tonne, according to GDT Events.

A total of 26,747 tonnes of dairy products were sold at the latest auction, down about 12.9% 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.

U.S.-listed CRA International Inc is the trading manager for the Global Dairy Trade auction, held twice a month, with the next one scheduled for March 21.

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