GDT index edge up on Jan 17 2023 dairynews7x7

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 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 Feb. 7, 2023. (Reporting by Seher Dareen in Bengaluru, Editing by William Maclean)

Key Results

AMF index down 0.9%, average price US$5,337/MT
Butter index down 0.6%, average price US$4,449/MT
Ched index up 4.0%, average price US$4,871/MT
SMP index down 0.3%, average price US$2,842/MT
WMP index up 0.1%, average price US$3,218/MT

Source : Yahoo finance Jan 17th 2023 by Reuters and prices by GDT

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