Tuesday, December 12, 2023

Dairy prices edge up, volumes ease at auction – GDT events

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Jan 17 (Reuters)International milk prices edged up but volumes fell in this month’s second Global Dairy Trade (GDT) auction on Tuesday.

The GDT Price Index was down 0.1%, with an average selling price of $3,393 per tonne. The index lost 2.8% at the previous auction held on Jan. 3, the average selling prices being $3,365 per tonne, according to GDT Events.

A total of 31,872 tonnes of dairy products were sold at the latest auction, down about 4.8% from the previous sale, the auction platform said on its website.

The auction results could affect the New Zealand dollar NZD= 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 FCG.NZ, but operates independently from the dairy giant.

U.S.-listed CRA International Inc CRAI.O is the trading manager for the Global Dairy Trade auction, held twice a month, with the next one scheduled for Feb. 7, 2023.

(Reporting by Seher Dareen in Bengaluru, Editing by William Maclean)

((Seher.Dareen@thomsonreuters.com; If within U.S. +1 646 223 8780;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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