Dairy prices rise and volumes drop at auction -GDT Events (updated)

CRA International

19/09/2023 16:41

(Adds detail on volume sold and background in paragraphs 3-5)
       Sept 19 (Reuters) - International milk prices rose while
volumes dropped in this month's second Global Dairy Trade (GDT)
auction on Tuesday.
    The GDT Price Index was up 4.6%, with an average selling
price of $2,957 per metric ton. The index rose 2.7% at the
previous auction held on Sept. 5, with an average selling price
of $2,888, according to GDT Events.
        A total of 37,366 tons of dairy products were sold at
the latest auction, down about 1% from the previous sale, the
auction platform said. 
    The auction 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 one scheduled for Oct. 3.

 (Reporting by Rahul Paswan in Bengaluru;
Editing by David Goodman and Emelia Sithole-Matarise)
 ((RahulKumar.Paswan@thomsonreuters.com ; If within U.S. +1 646
223 8780;;))