Dairy prices fall, volumes rise at auction - GDT Events

CRA International

04/10/2022 15:48

Oct 4 (Reuters) - International milk prices fell, while
volumes rose in the month's first Global Dairy Trade auction
held by GDT Events on Tuesday.
    The GDT Price Index dropped 3.5%, with an average selling
price of $3,911 per tonne. The index gained 2% at the previous
sale, according to GDT Events.
    A total of 30,852 tonnes were sold at the latest auction, up
about 18.2% from the previous one, the auction platform said on
its 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 Oct. 18.
 (Reporting by Swati Verma and Seher Dareen in Bengaluru;
Editing by Anil D'Silva)
 ((Seher.Dareen@thomsonreuters.com; If within U.S. +1 646 223
8780;))