global dairy price index down by 4.6% on Oct 18 2022 dairynews7x7

International milk prices and volumes fell in this month’s second Global Dairy Trade auction held by GDT Events on Oct 18th 2022

The GDT Price Index dropped 4.6%, with an average selling price of $3,723 per tonne. The index lost 3.5% at the previous sale, according to GDT Events.

A total of 29,402 tonnes were sold at the latest auction, down about 4.7% from the previous one, the auction platform said on its website. The prices of key commodities are as follows-

GDT website

The auction results can affect the New Zealand dollar NZD= 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 FCG.NZ, 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, held twice a month, with the next one scheduled for Nov. 1.

Source : Reuters Oct 18th 2022