Dairy prices, volumes fall at auction - GDT events

CRA International

16/05/2023 16:01

May 16 (Reuters) - International milk prices and volumes
fell in this month's second Global Dairy Trade (GDT) auction on
Tuesday.
    The GDT Price Index was down 0.9%, with an average selling
price of $3,488 per tonne. The index rose 2.5% at the previous
auction held on May 2, with an average selling price of $3,506,
according to GDT Events.
    A total of 21,565 tonnes of dairy products were sold at the
latest auction, down about 7.3% from the previous sale, the
auction platform said. 
    The New Zealand milk co-operative, which is owned by about
10,500 farmers, controls nearly a third of the world's dairy
trade.
    The results could affect the New Zealand dollar  NZD= , as
the dairy sector generates more than 7% of the nation's gross
domestic product.
    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 June 6.

 (Reporting by Rahul Paswan in Bengaluru; Editing by Jan Harvey)
 ((RahulKumar.Paswan@thomsonreuters.com; If within U.S. +1 646
223 8780;;))