Dairy prices unchanged, volumes drop at auction - GDT events

CRA International

20/06/2023 16:20

June 20 (Reuters) - International milk prices were
unchanged while volumes fell on Tuesday in the second Global
Dairy Trade (GDT) auction of the month.
    The GDT Price Index remained flat, with an average selling
price of $3,479 per tonne. The index fell 0.9% at the previous
auction held on June 6, with an average selling price of $3,399,
GDT Events said.
    A total of 20,372 metric tonnes of dairy products was sold
at the latest auction, down about 11.9% 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 July 4.

 (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by
Richard Chang)
 ((Ashitha.Shivaprasad@thomsonreuters.com;))