The GDT Price Index was up 4.6%, with an average selling price of $2,957 per metric ton. The index rose 2.7% at the previous auction held on Sept. 5, with an average selling price of $2,888, according to GDT Events.

A total of 37,366 tons of dairy products were sold at the latest auction, down about 1% 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.

U.S.-listed CRA International Inc is the trading manager for the Global Dairy Trade auction, which is held twice a month, with the next one scheduled for Oct. 3.

Source : Yahoo Finance through Reuters Sep 19, 2023