Dairy prices fall as volumes rise at first June auction

CRA International

06/06/2023 16:03

June 6 (Reuters) - International milk prices fell and
volumes rose on Tuesday in the first Global Dairy Trade (GDT)
auction of the month.
    The GDT Price Index was down 0.9%, with an average selling
price of $3,399 per tonne. The index also fell 0.9% at the
previous auction held on May 16, with an average selling price
of $3,488, GDT Events said.
    A total of 23,119 metric tonnes of dairy products was sold
at the latest auction, up about 7.2% 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 June 20.

 (Reporting by Seher Dareen in Bengaluru; editing by Barbara
Lewis)
 ((Seher.Dareen@thomsonreuters.com; If within U.S. +1 646 223
8780;))