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
