Dairy prices, volumes fall at auction -GDT events

CRA International

21/02/2023 14:50

Feb 21 (Reuters) - International milk prices and volumes
fell at this month's second Global Dairy Trade (GDT) auction on
Tuesday.
    The GDT Price Index was down 1.5%, with an average selling
price of $3,414 per tonne. The index was up 3.2% at the previous
auction held on Feb. 7, when the average selling price was
$3,456 per tonne, according to GDT Events.
    A total of 30,693 tonnes of dairy products were sold at the
latest auction, down about 5.8% from the previous sale, the
auction platform said on its website.
    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, held twice a month,
with the next one scheduled for March 7, 2023.
 (Reporting by Harshit Verma and Seher Dareen in Bengaluru;
Editing by Susan Fenton)
 ((Seher.Dareen@thomsonreuters.com; If within U.S. +1 646 223
8780;))