Dairy prices, volumes rise at auction - GDT events

CRA International

02/05/2023 15:55

May 2 (Reuters) - International milk prices and volumes
rose in this month's Global Dairy Trade (GDT) auction on
Tuesday.
    The GDT Price Index was up 2.5%, with an average selling
price of $3,506 per tonne. The index was rose 3.2% at the
previous auction held on April 18, with an average selling price
of $3,362, according to GDT Events.
    A total of 23,265 of dairy products were sold at the latest
auction, up about 2.4% 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's 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 May 16.

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