Dairy prices | Dairy prices rose, volumes fell at auction

International milk prices rose while volumes fell at this month's Global Dairy Trade (GDT) auction on Tuesday.

The GDT Price Index was up 3.2%, with an average selling price of $3,362 per tonne. The index was down 4.7% at the previous auction held on April 4, with an average selling price of $3,227, according to GDT Events.

A total of 22,713 tonnes of dairy products were sold at the latest auction, down about 4.7% from the previous sale, the auction platform said on its website.

The auction results could affect the New Zealand dollar 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, but operates independently from the dairy giant.

U.S.-listed CRA International Inc is the trading manager for the Global Dairy Trade auction, held twice a month, with the next one scheduled for May 2. (Reporting by Ashitha Shivaprasad and Deep Vakil in Bengaluru Editing by Mark Potter)

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