In this month’s inaugural Global Dairy Trade auction, conducted by GDT Events, international milk prices declined while volumes fell.
The GDT Price Index fell 0.7% at Tuesday’s auction, with an average selling price of $3,255 per metric ton. According to GDT Events, the index climbed 4.3% at the preceding sale.
The last auction sold 34,514 tons, a 4.1% decrease from the previous one, according to the auction platform’s website (www.globaldairytrade.info).
The auctions go place twice a month, with the next one on November 21. The auction results may have an impact on the New Zealand currency since the dairy industry accounts for more than 7% of the country’s GDP.
The New Zealand milk co-operative, controlled by over 10,500 farmers, controls roughly one-third of the global dairy trade.
GDT Events is owned by Fonterra Co-operative Group Ltd in New Zealand, although it works independently of the dairy behemoth. The trading manager for the twice-monthly Global Dairy Trade auction is CRA International Inc, which is publicly traded in the United States.
