Dairy prices fall, volumes rise at auction- GDT events

CRA International

02/08/2022 15:41

Aug 2 (Reuters) - International milk prices fell, while
volumes rose in this month's first Global Dairy Trade auction
held by GDT Events.
    The GDT Price Index fell 5%, with an average selling price
of $3,913 per tonne, in the auction held on Tuesday.
    The index fell 5% at the previous sale, according to GDT
Events.
    A total of 27,500 tonnes was sold at the latest auction,
rising about 18.4% 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 Aug. 16.
    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 twice-monthly Global Dairy Trade auction.

 (Bangalore Commodities desk)
 ((BLRCEEditorial@thomsonreuters.com))