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 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.
