Dairy prices, volumes rise at auction -GDT events

CRA International

05/09/2023 16:13

Sept 5 (Reuters) - International milk prices and volumes
rose at this month's first Global Dairy Trade (GDT) auction on
Tuesday.
    The GDT Price Index was up 2.7%, with an average selling
price of $2,888 per tonne. The index fell 7.4% at the previous
auction on Aug 15, with an average selling price of $2,875,
according to GDT Events.
    A total of 37,729 tonnes of dairy products were sold at the
latest auction, up about 12.4% 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 Sept. 19.

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