Dairy prices fall, volumes rise at auction- GDT events

CRA International

16/08/2022 15:03

Aug 16 (Reuters) - International milk prices fell, while
volumes rose in this month's second Global Dairy Trade auction
held by GDT Events.
    The GDT Price Index fell 2.9%, with an average selling price
of $3,768 per tonne, in the auction held on Tuesday.
    The index fell 5% at the previous sale, according to GDT
Events.
    A total of 30,326 tonnes was sold at the latest auction,
rising about 10.3% 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 Sept. 6.
    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))