International milk prices rose while volumes fell at this month’s Global Dairy Trade (GDT) auction on Tuesday.
The GDT Price Index was up 3.2%, with an average selling price of $3,362 per tonne. The index was down 4.7% at the previous auction held on April 4, with an average selling price of $3,227, according to GDT Events.
A total of 22,713 tonnes of dairy products were sold at the latest auction, down about 4.7% from the previous sale, the auction platform said on its website.
Global Dairy Trade Event 330 concluded with the GDT Price Index up 3.2%
AMF index up 4.7%, average price US$4,981/MT
Butter index up 4.9%, average price US$4,821/MT
Ched index up 5.7%, average price US$4,411/MT
SMP index up 7.0%, average price US$2,776/MT
WMP index up 1.0%, average price US$3,089/MT
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’s dairy trade.
GDT Events is owned by New Zealand’s Fonterra Co-operative Group Ltd, but operates independently from the dairy giant.
Source : Reuters April 18th 2023 Title edited by dairynews7x7