International milk prices rose while volumes fell in this month’s first Global Dairy Trade auction held by GDT Events, reported Reuters.
The GDT Price Index rose 1.5%, with an average selling price of $4,656 per tonne, in the auction held on Tuesday.
The index fell 2.9% at the previous sale, according to GDT Events.
A total of 21,435 tonnes was sold at the latest auction, falling about 11.7% from the previous one, the auction platform said on its website.
The auctions are held twice a month, with the next one scheduled for 21 June.
The auction results can 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, but operates independently from the dairy giant. US-listed CRA International Inc is the trading manager for the twice-monthly Global Dairy Trade auction.
Source: The Cattle site