Dairy prices fall as volumes rise at auction- GDT events

CRA International

01/08/2023 15:42

Aug 1 (Reuters) - 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.
    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, which is held twice
a month, with the next scheduled for Aug. 15.

 (Reporting by Rahul Paswan and Harshit Verma in Bengaluru;
editing by David Evans)
 ((RahulKumar.Paswan@thomsonreuters.com; If within U.S. +1 646
223 8780;;))