milk prices | Dairy prices fall, volumes drop at auction -GDT Events

International milk prices fell while volumes dropped in this month’s second Global Dairy Trade auction held by GDT Events.

GDT price index id d918a144 a56f 400c 8260 d5c33e3356ba original — Source: Forexlive

The GDT Price Index dipped 1.5 percent, with an average selling price of $4,236 per tonne, in the auction held on Tuesday.

The index rose 1.4 pct at the previous sale, according to GDT Events.

A total of 30,375 tonnes was sold at the latest auction, falling 2.3 percent from the previous one, the auction platform said on its website (Link).

The auctions are held twice a month, with the next one scheduled for Jan. 4.

The auction results can affect the New Zealand dollar NZD= as the dairy sector generates more than 7 percent 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 twice-monthly Global Dairy Trade auction. (Bangalore Commodities desk)

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