Global dairy price crashed at GDT dairynews7x7

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

The GDT Price Index fell 3.6%, with an average selling price of $4,855 per tonne, in the auction held on Tuesday.

The index fell 1% at the previous sale, according to GDT Events.

A total of 22,179 tonnes was sold at the latest auction, rising about 3.1% from the previous one, the auction platform said on its website (www.globaldairytrade.info).

The auctions are held twice a month, with the next one scheduled for May 3.

The auction results can 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 twice-monthly Global Dairy Trade auction.

Source : Nasqaq April 19th 2022 (Reporting by Seher Dareen and Eileen Soreng in Bengaluru)