GDT dairy price index 06 sep 2022 dairynews7x7

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

The GDT Price Index gained 4.9%, with an average selling price of $4,007 per tonne, in the auction held on Tuesday.

The index fell 2.9% at the previous sale, according to GDT Events.

Global Dairy Trade Sep 06 2022 auction results

A total of 27,127 tonnes was sold at the latest auction, down about 10.5% 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 Sept. 20.

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

Source : Reuters 06th Sep 2022