01082023_Global dairy trade results dairynews7x7

International milk prices fell while volumes were up at this month’s first Global Dairy Trade (GDT) auction on Tuesday.

The GDT Price Index was down 4.3%, with an average selling price of $3,100 per metric ton. The index fell 1% at the previous auction on July 18, with an average selling price of $3,289, according to GDT Events.

A total of 32,613 tons of dairy products were sold at the latest auction, up about 25.6% from the previous sale, the auction platform said.

The results could affect the New Zealand dollar NZD= as the dairy sector generates more than 7% of the nation’s gross domestic product.

Key Results

AMF index down 0.5%, average price US$4,705/MT
Butter index down 0.7%, average price US$4,680/MT
BMP index up 9.9%, average price US$2,207/MT
Ched index down 1.4%, average price US$3,910/MT
LAC not offered
SMP index down 1.4%, average price US$2,454/MT
SWP not offered
WMP index down 8.0%, average price US$2,864/MT

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 CRAI.O is the trading manager for the Global Dairy Trade auction, which is held twice a month, with the next scheduled for Aug. 15.

Source : Reuters and GDT website : Aug 1st 2023

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