International milk prices fell while volumes rose in this month’s second Global Dairy Trade auction held by GDT Events.

The GDT Price Index fell 3.6%, with an average selling price of $4,855 per tonne, in the auction held on Tuesday.

The index fell 1% at the previous sale, according to GDT Events.

A total of 22,179 tonnes was sold at the latest auction, rising about 3.1% from the previous one, the auction platform said on its website (www.globaldairytrade.info).

The auctions are held twice a month, with the next one scheduled for May 3.

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 FCG.NZ, but operates independently from the dairy giant. U.S.-listed CRA International Inc CRAI.O is the trading manager for the twice-monthly Global Dairy Trade auction.

Source : Nasqaq April 19th 2022 (Reporting by Seher Dareen and Eileen Soreng in Bengaluru)